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05-01-07, 09:39 AM
BARQUISIMETO, Venezuela (AP) _ President Hugo Chavez said Sunday that Venezuela hopes to gradually sell off its refineries in the United States and build a new network of refineries in Latin America, part of a plan to offer his leftist allies in the region a stable oil supply.
Chavez also raised the idea of issuing a regional bond to raise funds for social spending as he hosted a summit of the Bolivarian Alternative for the Americas, or ALBA, a leftist bloc and trade group that includes Venezuela, Cuba, Bolivia and Nicaragua.
“I proposed that we issue an ALBA bond. I hope that we can do it...And that we issue it here in Venezuela, like we did with Argentina and bring in $1 billion,‘‘ said Chavez, addressing leaders Sunday on final day of their talks.
Chavez said the money acquired would be put in a fund to provide credit for ALBA countries.
Chavez and other leaders signed accords for Venezuela to supply fuel under preferential terms and join up with other countries for co-operative projects in education, telecommunications, mining and other areas.
He said Venezuela will guarantee to supply 100 per cent of the energy needs for ALBA members, as well as Haiti. ALBA was created in 2004 by Cuba and Venezuela as a counterproposal to U.S. backed free-trade plans.
Chavez said Venezuela eventually plans to help build a network of refineries in Nicaragua, Haiti, Ecuador, Bolivia and Dominica, as well as refurbishing Cuba‘s Cienfuegos refinery, to provide a stable supply of oil _ and the earnings it generates _ to countries in Latin America.
He noted Venezuela‘s Citgo Petroleum Corp. has seven refineries in the United States and said “part of our plans is to sell those refineries.‘‘
Under special oil deals offered by Venezuela, ALBA member countries will be able to finance 50 per cent of the bill for fuel under low-interest loans and 25 per cent of the total bill will go into a special ALBA Fund to support local projects through loans, he said.
Leaders attending included Haitian President Rene Preval, Nicaraguan President Daniel Ortega, Bolivian President Evo Morales and Cuban Vice-President Carlos Lage, as well as officials from Uruguay, Ecuador, Dominica, St. Kitts and Nevis and St. Vincent and the Grenadines.
INDEX: INTERNATIONAL POLITICS ECONOMY BUSINESS OIL&GAS CP Command News is one of many services from The Canadian Press, Canada’s No. 1 Source for News.
http://www.oilweek.com/news.asp?ID=8769
Chavez also raised the idea of issuing a regional bond to raise funds for social spending as he hosted a summit of the Bolivarian Alternative for the Americas, or ALBA, a leftist bloc and trade group that includes Venezuela, Cuba, Bolivia and Nicaragua.
“I proposed that we issue an ALBA bond. I hope that we can do it...And that we issue it here in Venezuela, like we did with Argentina and bring in $1 billion,‘‘ said Chavez, addressing leaders Sunday on final day of their talks.
Chavez said the money acquired would be put in a fund to provide credit for ALBA countries.
Chavez and other leaders signed accords for Venezuela to supply fuel under preferential terms and join up with other countries for co-operative projects in education, telecommunications, mining and other areas.
He said Venezuela will guarantee to supply 100 per cent of the energy needs for ALBA members, as well as Haiti. ALBA was created in 2004 by Cuba and Venezuela as a counterproposal to U.S. backed free-trade plans.
Chavez said Venezuela eventually plans to help build a network of refineries in Nicaragua, Haiti, Ecuador, Bolivia and Dominica, as well as refurbishing Cuba‘s Cienfuegos refinery, to provide a stable supply of oil _ and the earnings it generates _ to countries in Latin America.
He noted Venezuela‘s Citgo Petroleum Corp. has seven refineries in the United States and said “part of our plans is to sell those refineries.‘‘
Under special oil deals offered by Venezuela, ALBA member countries will be able to finance 50 per cent of the bill for fuel under low-interest loans and 25 per cent of the total bill will go into a special ALBA Fund to support local projects through loans, he said.
Leaders attending included Haitian President Rene Preval, Nicaraguan President Daniel Ortega, Bolivian President Evo Morales and Cuban Vice-President Carlos Lage, as well as officials from Uruguay, Ecuador, Dominica, St. Kitts and Nevis and St. Vincent and the Grenadines.
INDEX: INTERNATIONAL POLITICS ECONOMY BUSINESS OIL&GAS CP Command News is one of many services from The Canadian Press, Canada’s No. 1 Source for News.
http://www.oilweek.com/news.asp?ID=8769