ST. LUCIA-POLITICS-Prime Minister Pierre leads delegation to Venezuela.

Prime Minister Philip J. Pierre is leading an official delegation to Venezuela for a one day visit aimed at strengthening bilateral relations between the two countries.

A government statement said that the visit 'marks a pivotal moment in the resurgence of cooperative efforts between the two nations following a brief hiatus in bilateral relations'

St. Lucia Prime Minister Phillip J Pierre arrives in Caracas for a one day official visit

It said that Prime Minister Pierre is set to engage in discussions and initiatives aimed at deepening cooperation in various productive sectors, fostering goodwill, and reinvigorating the bonds of friendship that have connected St. Lucia and Venezuela for decades.

The statement said that discussions will be held on upgrading the PetroCaribe programme,' ensuring energy security, and promoting sustainable development in St. Lucia'

Under the PetroCaribe initiative, member countries that purchase oil from Venezuela pay for a certain percentage of the oil , depending on world oil prices within 90 days, and the remainder is paid over a period of 25 years with an interest rate of one per cent annually.

Another component of PetroCaribe is the...