Ship carrying 300,000 barrels of Venezuelan oil heads for Cuba

Fred Feldman ffeldman at bellatlantic.net
Mon Sep 9 22:02:39 MDT 2002


 [CubaNews]
Venezuela Resumes Oil Shipment To Cuba With 300K BBLs
DOW JONES NEWSWIRES

CARACAS -- A 300,000 barrel shipment of Venezuelan oil is on
its way to Cuba , as part of a resumed deal averaging 53,000
barrels per day, a person at state oil monopoly Petroleos de
Venezuela SA(E.PVZ), or PdVSA, said Monday.

"The ship left port earlier today," the person told Dow
Jones Newswires on the condition of anonymity.

Venezuela and Cuba signed the deal in October 2000 allowing
Cuba to import the oil under preferential terms, including a
15-year repayment period, a two-year grace period and a 2%
interest rate.

PdVSA executives suspended the deal after President Hugo
Chavez was briefly deposed in April, arguing Cuba owed $142
million in the pact. Cuba has since made a deal to repay the
debt.

Opposition politicians have challenged the agreement in the
Supreme Court, arguing Chavez failed to seek congressional
approval before signing it. The government says it has
similar deals with 12 other Caribbean and Central American
countries.

Chavez considers Cuban President Fidel Castro a close ally
and has strengthened Venezuela's relations with the
communist island. Venezuela provides one-third of Cuba's oil
imports.

PdVSA Website:http:www.pdvsa.pdv.com

ezuela Resumes Shipping Oil to Cuba


DOW JONES NEWSWIRES

CARACAS -- Venezuela resumed oil shipments to Cuba on
Sunday, five months after they were suspended due to a
failed coup and Cuba's failure to keep up payments,
President Hugo Chavez confirmed.

"The first shipment has probably already left," Mr. Chavez
said during his weekly radio and television show.

Venezuela and Cuba signed a deal in October 2000 allowing
Cuba to import 53,000 barrels a day under preferential
terms, including a 15-year repayment period, a two-year
grace period and a 2% interest rate.

State-owned oil monopoly Petroleos de Venezuela suspended
the deal after Mr. Chavez was briefly deposed in April,
arguing Cuba owed $142 million in the pact. Mr. Chavez has
said the debt has been refinanced, but has not provided
details.

Opposition politicians have challenged the agreement in the
Supreme Court, arguing Mr. Chavez failed to seek
congressional approval before signing it. The government
says it has similar deals with 12 other Caribbean and
Central American countries.

Mr. Chavez considers Cuban President Fidel Castro a close
ally and has strengthened Venezuela's relations with the
communist island. Venezuela provides one-third of Cuba's oil
imports.

Updated September 8, 2002 7:06 p.m. EDT









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