The Key Players

There are eight (8) key players involved in the current Belize Petro-Caribe Program: the Government of Venezuela, the Government of Belize, PDVSA, PDV Caribe, BPEL, APBEL, Trafigura (the Buyer), and Puma Energy Belize (the Importer).

  • PDVSA is the state-owned oil company of Venezuela. It is responsible for and undertakes ALL petroleum-related activities in Venezuela: exploration, drilling, refining, marketing, selling, and exporting.
  • PDV Caribe is a subsidiary of PDVSA responsible solely for managing Petro-Caribe contracts with member countries.
  • BPEL is Belize Petroleum and Energy Limited: Belize’s state-owned energy company that was setup in August 2005 to oversee and administer the Petro-Caribe Program locally, to transact with PDVSA and other entities engaged in delivering Petro-Caribe oil to Belize, and to serve as the conduit through which the financing concessions offered under the Petro-Caribe Agreement would be channeled to the Government of Belize.
  • APBEL is Alba Petro-Caribe Belize Energy Limited, a joint venture company between PDV Caribe and BPEL (55%:45%) formed in June 2006.
  • Originally setup to promote and facilitate cooperation between Belize and Venezuela in undertaking local energy projects – whether related or unrelated to Petro-Caribe.
  • Since 2012, it has assumed an additional new role as the central executing agency through which the revamped Petro-Caribe Program for Belize is administered; replacing the role(s) that BPEL played in the previous incarnation of Petro-Caribe in Belize.
  • Trafigura is the company designated by the Government of Belize to purchase petroleum products from PDVSA (through APBEL) under the terms and conditions of Petro-Caribe for eventual sale into the Belize market. In the first run of Petro-Caribe in Belize (2005-2009), Petro Fuel Belize Limited (PFBL), a subsidiary of the Big Creek Group of Companies, was the designated Purchaser.
  • Puma Energy Belize is the company that actually imports (and distributes) the petroleum products into Belize. Puma Energy is a subsidiary of Trafigura. Trafigura is also the trader for Puma, and thus supplies the petroleum products that Puma imports into Belize. In the first run of Petro-Caribe in Belize (2005-2009), PFBL was the Importer.