NASSAU, Bahamas — FOCOL Holdings chairman yesterday urged the Prime Minister and his government to make “every possible effort” to have sanctions on Venezuela removed as the release of its oil will likely have “a material impact” on world markets, The Tribune reported on Wednesday, June 29, in article written by Business Editor Neil Hartnell.
Sir Franklyn Wilson, who heads the BISX-listed petroleum products supplier, told Tribune Business that the negative fall-out from high energy and transportation costs made it imperative that Philip Davis QC and his administration use whatever influence they possess to get Venezuela’s supply moving again.
Suggesting that the Biden administration could swiftly decide to lift financial sanctions and other measures imposed on Nicolas Maduro’s government, he said of such a measure: “It will certainly help. Once that decision is made and released, Venezuela is a significant enough player that it is possible that could affect markets far beyond The Bahamas.
“That could affect the world. Venezuela is a big enough player that could impact way beyond direct Venezuela-Bahamas trade. I don’t know by how much, and what would be reasonable to anticipate, but it would be a material and helpful act.”
The Biden administration is thought to have already reached out to Venezuela as it seeks ways to counter, and replace, Russian oil, gas and other energy supplies due to that nation’s invasion of Ukraine. Venezuela has the world’s largest proven oil reserves, but its output has been severely curtailed amid the imposition of US and other sanctions in a bid to topple the existing government.
Mr Davis, upon his return from the Commonwealth Heads of Government conference, said The Bahamas has been pushing at recent conferences for sanctions on Venezuela to be lifted to increase global oil supply flows and reduce market prices.
Indicating that The Bahamas should engage other CARICOM nations to assist in this matter, Sir Franklyn said yesterday: “Whatever influence we have, now would be the time to use it. I am satisfied the prospect [of lifting Venezuelan sanctions] would justify every possible effort on the part of the Prime Minister and foreign minister.”
Mr Davis said he had made the case for lifting the sanctions at the recent Summit of the Americas. “Once the valve is released for Venezuela to provide fuel we will see a very significant downward trend on the cost of fuel,” he argued. See complete article in The Tribune at http://www.tribune242.com/news/2022/jun/29/focol-chief-make-every-possible-effort-venezuela-r/
