[NYTr] Chavez Deepens Petrocaribe Oil Pledges

[All the News That Doesn't Fit]

sent by Raulmax - Aug 13, 2007

AP - Aug 11, 2007


Chavez Deepens Petrocaribe Oil  Pledges

By JORGE RUEDA
Associated Press Writer

CARACAS, Venezuela - Venezuelan  President Hugo Chavez pledged on
Saturday to meet Caribbean nations' oil needs  for years to come, and
urged the region to unite and seek greater independence  from the
United States.

Chavez deepened past pledges to share his  country's oil wealth as he 
addressed a summit of nations taking part in  Venezuela's Petrocaribe
oil initiative, which supplies fuel under preferential  terms.

"If we truly unite ... the grandchildren of our grandchildren will
have no energy problems," Chavez said. He predicted oil prices will
soon hit  $100 a barrel but said "the Caribbean shouldn't have problems
this century and  beyond."

"Venezuela puts this oil wealth at the disposition of our  peoples of
the Caribbean," Chavez said. "It belongs to all of us. We're going to
share it like Christ. ... It will be enough for everyone."

Venezuela  still counts the United States as its top oil buyer,
although Chavez has sought  to diversify his clientele amid tensions
with Washington by selling more to  Latin America, the Caribbean and as
far away as China.

Since 2005, when  Chavez created Petrocaribe, 14 countries have joined 
Venezuela's pact, which  lets them finance up to half their oil bills
over 25 years at low interest. That  number expanded to 15 on Saturday
with the addition of Nicaragua, whose  president Daniel Ortega attended
the talks.

Leaders of nine countries  signed a treaty proposed by Chavez in which 
Venezuela pledges to guarantee  energy supplies and help the nations
develop alternative energy sources.  Countries that signed were Haiti,
Grenada, St. Vincent and the Grenadines,  Nicaragua, Jamaica, Suriname,
Dominica, Belize and Cuba.

Under  Petrocaribe, nations are generally allowed to pay off part of
their oil bills in  goods and services. Dominican President Leonel
Fernandez said his country hopes  to begin an exchange program offering
hotel and tourism training to visiting  Venezuelans.

Caribbean countries have already financed nearly $1 billion  in fuel 
purchases, and due to interest as low as 1 percent, have seen savings
of  $450 million, Chavez said.

Oil Minister Rafael Ramirez said Friday that  Venezuela is also making 
progress helping upgrade or build refineries in Cuba,  Jamaica and
Dominica - an effort that comes as Chavez's government seeks to
decrease its reliance on a network of U.S. refineries.

Chavez used the  meeting to support his ally Cuba, saying the island is 
regularly excluded from  other summits. Blaming the U.S., he recalled a
2005 gathering in Argentina and  said: "How is it that we accept Cuba
not going to that meeting?"

"I swear  by my mother ... if there is another one of those summits and
Cuba doesn't go,  Venezuela won't go to that summit either because it
doesn't seem fair," Chavez  said.

"I know most of you talk with the U.S. government, the majority of  our 
friends in the Caribbean, except Cuba and us," Chavez added. "But I
hope  someday we can all sit down at the same table, as equals and with
respect, with  the president of the United States, whoever it is."

He also proposed to one day  build an undersea natural gas pipeline 
stretching from gas-rich Venezuela to  Cuba and possibly Mexico. He
said it would touch the U.S. territory of Puerto  Rico, and added,
"When will Puerto Rico be free? The day will  come.