Chavez extends oil largesse at Caribbean summit

(Reuters) - Venezuelan President Hugo Chavez proposed on Friday extending a barter scheme used by Cuba to other Caribbean and Central American nations to help them pay for oil supplies with products and services.

At a summit of his growing regional energy alliance, Petrocaribe , the leftist firebrand attacked the United States and other rich consumer nations for squandering their unfair share of world resources.

"In spite of the Yankees, our oil and gas will always be at the service, first of Venezuela, and at the same time of our brother nations of Latin American and the Caribbean," he said.

"We have begun to create a new geopolitics of oil that is not at the service of the interests of imperialism and big capitalists," Chavez said in a speech.

Chavez, the fiercest antagonist of the United States in the region despite being a major U.S. oil supplier, opened a revamped Soviet-era refinery in Cienfuegos , Cuba that will supply diesel, gasoline and jet fuel to members of Petrocaribe .

The Petrocaribe alliance, which has bolstered Chavez's regional influence since it started in 2005, grew to 17 countries on Friday with the entry of Honduras, a traditional U.S. ally. Guatemala's president-elect also wants to join.

Chavez said the debts of Petrocaribe members to Venezuela has reached $1.16 billion in little more than a year of preferentially financed supplies, and is estimated to rise to $4.6 billion by 2010.

He proposed debts be offset by local products and services, following the example of Cuba, which has sent 20,000 doctors and teachers to Venezuela in exchange for crude and refined products now estimated to value $3 billion a year.

"We propose adding to the financed portion of the oil bill a method of payment that includes the supply of a series of local products and services," he said.

Venezuelan Energy and Petroleum Minister Rafael Ramirez said the barter scheme had worked very well for Venezuela. "It has allowed us to lift up our health system and education," Ramirez told reporters.

Petrocaribe allows members to defer payment on 40 percent of their Venezuelan oil bill for up to 25 years, with interest of only 1 percent.

Critics say the deal supplies oil at market prices and is increasing the indebtedness of small Caribbean states.

Billboards featuring Chavez and ailing Cuban leader Fidel Castro greeted the Venezuelan president in Cienfuegos , a port city 160 miles southwest of Havana. Castro has not appeared in public since falling ill in mid-2006. His brother and acting Cuban President Raul Castro co-hosted the summit.

Chavez has helped Cuba's economically battered economy stay afloat with 92,000 barrels per day of crude oil paid for by the medical services of Cuban doctors treating Venezuela's poor.

In addition, Cuba has started receiving crude shipments for the 65,000-bpd Cienfuegos refinery, a joint venture between Cuban state oil company CUPET and Venezuelan counterpart PDVSA, which has invested $166 million in restarting the plant.

The refinery was mothballed 12 years ago after the Soviet Union collapsed, depriving Cuba of subsidized oil supplies and technology and plunging it into a deep economic crisis.

The Cienfuegos refinery will produce fuel oil, diesel, gasoline and jet fuel for the Cuban domestic market and for export to Nicaragua, Belize, Honduras and Haiti.

At its opening, Chavez said Petrocaribe planned to build 10 refineries and refurbish another eight at a cost of $22 billion over the next 10 years to cover the region's supply of refined products.

Raul Castro, running Cuba since his brother underwent stomach surgery 16 months ago, said the U.S. trade embargo had prevented Cuba from operating the Cienfuegos refinery since 1995.

"It has not been easy to keep our socialist revolution going with a fierce enemy 90 miles away, but we are here to stay," he said.

Turkmenistan's Turkmennebit opens tender for purchase of equipment
Turkmenistan's Turkmennebit opens tender for purchase of equipment
Baku's Main Health Department to engage overhaul services via tender
Baku's Main Health Department to engage overhaul services via tender
Azerbaijan’s Baku Metro opens tender to buy plastic pipes
Azerbaijan’s Baku Metro opens tender to buy plastic pipes
Loading Bars
Latest
Iran assigns more funds to complete unfinished projects
Turkmenistan's Turkmennebit opens tender for purchase of equipment
Azerbaijan’s startup sector expects big investments
Iran's ten-month import of steel from Turkey drops
Tesla set to breach $500 billion in market value
State budget for 2021-2023 approved in Kazakhstan following amendments introduction
Kazakhstan's bitumen output exceeds 2020 plan as maintenance works held country-wide
Port of Baku reveals total 10M2020 cargo shipments
New railway vehicles put into operation in Iran
Iran`s Zarif to visit Moscow and Baku despite postponement
Kazakhstan looking to double renewables share in electricity production
Iran continues to cut reliance on oil revenue
Volume of container transshipment between Kazakh, Azerbaijani ports almost triples
LUKOIL refusing plans to construct giant petrochemical complexes
Iran, Qatar sign an extensive Memorandum of Understanding to facilitate cooperation
Switzerland names main trade statistics with Turkmenistan
Dry cargo transshipments through Baku port grow in 10M2020
LUKOIL says reducing oil exports to Europe is inevitable
Georgia receives new buses of modern standards
Georgian hazelnuts exports up
Georgia sees increase in export of tangerines
Ryanair wants to be 'at front of queue' for new 737 MAX order
Azercell’s Mobile Eye Clinic joins campaign for IDPs initiated by the UN (PHOTO)
El Al to launch Tel Aviv - Dubai flights next month
Kazakhstan’s third-quarter economic performance benefits from recovery of oil prices
Azerbaijan informs UNESCO, ISESCO about results of initial monitorings on liberated areas
Turkmenistan’s private sector participates in dev't of poultry farming
Iran discloses plan on creation of new jobs in Yazd Province
Destroyed Armenian positions firing at Azerbaijani army during recent hostilities shown (PHOTOS)
Central Bank of Azerbaijan discloses data from foreign exchange auction
CBI announces Iran's external debt
Azerbaijan starts to grow bananas - Azerbaijani Ministry of Agriculture
Azerbaijani servicemen help Armenians to move belongings from villages of Aghdam district (VIDEO)
PAYSIS expanding range of innovative services in Azerbaijan
Iran reveals COVID-19 data for November 24
E-Space reveals volume of EVs registered in Georgia
Azerbaijan discloses volume of tobacco harvested this season
Russian insurance agency to fund Uzbekistan’s hydrocarbon raw materials production
Iran to boost apple production
Georgia reveals volume of exported apples
Income of Chinese contractor of infrastructural projects in Georgia up
We were able to get necessary international support in key issue for us - President Aliyev
LUKOIL says $40/bbl is worst case scenario for oil prices
If we had not created necessary legal framework for resolving conflict, we could have faced problems today - President Aliyev
Iran registers order at COVAX to buy vaccine
Air traffic reduces in Georgia - EUROCONTROL
Second asphalt layer of Ashgabat-Turkmenabat highway being laid
Russian Export Center discloses value of support for exports to Azerbaijan
Azerbaijan's import of limestone, cement down in 10M2020
Aghdam operation was part of our plans - President Aliyev
Kocharyan and Sargsyan, you have knelt before us - President of Azerbaijan
We will restore the city of Aghdam - President of Azerbaijan
No-one should worry, especially leaders of Western countries - President Aliyev
Pashinyan imprisoning captures all opposition, West remains silent - President Aliyev
Many times when I was on line of contact, in trenches, I thought that one day we would return - President of Azerbaijan
I said, Pashinyan, you personally must give us a timetable, you must do it yourself - President Aliyev
We have destroyed enemy in hand-to-hand battle, crossing ravines, forests, mountains, and liberated Shusha - President Aliyev
Precious metal prices in Azerbaijan down
Victory on battlefield made it possible to liberate Aghdam district without a single shot - President of Azerbaijan
Today, many developed countries studying our experience - President of Azerbaijan
Some int'l organizations did not want to reveal identity of occupier in documents adopted - President Aliyev
We do not depend on anyone, do not depend on any country, on any int'l financial institution - President Aliyev
New gas condensate storage facilities to be launched in Iran's Asaluyeh County
Uzbekistan’s largest import of wood products falls on Russia
Uzbekistan eyes importing electricity from Turkmenistan, Kazakhstan
Uzbek-Chinese JV to buy spare parts for analyzer via tender
Azerbaijan indicts Armenian ex-defense minister on another article
To those questioning support for Azerbaijan territorial integrity, I suggest they read UNSC resolutions - Former Romanian FM
Turkmenistan considering possibility of growing pistachios
EBRD provides Azerbaijan with loan to improve environment in Ganja
Georgia reports 3,128 new coronavirus cases
Uzbekistan’s gov’t ready to back Ipoteka-Bank
UNICEF contributes to dev't of Turkmenistan's action plan for its national strategy
Israel's Netanyahu says will visit Bahrain soon
Iran reveals data on new enterprises in Hamadan province
President Aliyev presents Holy Quran he brought from Mecca to Aghdam mosque
Turkmenistan implements advanced technologies in oil, gas industry
Profit of Georgian banking system up
Raw sulfur output volumes drop in Kazakhstan
TOBB reveals total capital of Iranian companies registered in Turkey
Investments in Iran’s Hormozgan Province spike
Zenith Energy transporting drilling rigs outside of Azerbaijan
Azerbaijani oil prices grow
Georgia reveals volume of assets of State Pension Fund
Uzbekneftegaz, Gazprombank in talks over financing of hydrocarbon production in Uzbekistan
Iran's exports via customs of Astara County increases
Uzbekistan reduces import of Turkish electrical goods in October
Azerbaijan's 10M2020 import of Turkish ready-made clothes edges up
Uzbekistan’s glass factory expands production of polished sheet glass
IRICA declares details of Iran’s imports
Volume of cars export for 10M2020 in Uzbekistan revealed
Kazakhstan's revenue from transport via pipelines down amid COVID-19
Poland’s service sector may be attractive for Azerbaijani investments
Turkmenistan, UNDP discuss draft work plans for 2021
Azerbaijani currency rates for Nov. 24
Poland, Azerbaijan should establish direct flights, says ambassador
Poland, Azerbaijan could analyse cooperation on third markets
Poland, Azerbaijan have to work together to effectively connect ports, multimodal terminals
Azerbaijan's corporation, German company select auditor for future aluminum plant
Poland to support further development of Southern Gas Corridor, says envoy
All news