[NYTr] Cuba and Venezuela Sign Fourteen Economic Agreements

[All the News That Doesn't Fit]

Agencia Cubana de Noticias (ACN)
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Cuba and Venezuela Sign Fourteen Economic Agreements

Santiago de Cuba, Dec 22 (acn) Cuba and Venezuela continue to 
strengthen relations with the signing Saturday by President Hugo Chavez 
and Cuban First Vice President Raul Castro of fourteen economic 
agreements within the framework of the 4th Petrocaribe Summit held 
December 21 in Cienfuegos, Cuba.

Speaking at the signing ceremony, held in the eastern city of Santiago 
de Cuba, the island's vice president Carlos Lage said the Bolivarian 
revolution is an example for the world, and "we are proud to be friends 
with the Venezuelan people."

Lage talked about the growing development of the economic exchange 
between Cuba and Venezuela and noted that this year, 2007, agreements 
between the two nations were estimated at 7,000 million dollars.

Twenty seven economic accords have been penned between the two 
countries, he said, not including the agreements signed this December 
22.  He explained that the joint projects are already bearing fruit, 
noting as an example the Cienfuegos' oil refinery that was 
re-inaugurated Friday, December 21.

In addition, Lage made reference to Venezuela's oil contribution to the 
Caribbean nations. He mentioned the Caracas agreement through which 
Venezuela would provide Central American and Caribbean nations with 
oil, and gave them the possibility to pay 25% of the bill, at very 
low-interest.

Lage mentioned the fact that back then, Chavez offered Cuban President 
Fidel Castro to double up the 53,000 barrels of oil sent daily to the 
island, also proposing easier payment terms, in a demonstration of 
support for the Cuban revolution.

Fidel refused to accept the offer arguing that it was not the right 
moment for such a deal, so the island joined the same agreement as the 
rest of the countries of the area.

"It was after that, that Petrocaribe emerged," said Lage, adding that 
there is no other oil-producing country with a similar project that is 
based on solidarity and on the development needs of the region.

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