$4b in Cuba/Venezuela business next year
AP
Sunday, November 06, 2005
HAVANA (AP) - Venezuela hopes to double business with Cuba to $4 billion (nearly euro3.4 billion) next year, including investments in housing projects and the jump-starting of two Cuban oil refineries, a commerce official attending an annual trade fair on the island said.
The South American country has already become Cuba's top trading partner with $1.4 billion (euro1.2 billion) in commerce annually - the vast majority of that petroleum Venezuela now regularly exports to the island.
But Roger Figueroa, Venezuela's vice foreign commerce minister, told The Associated Press Wednesday that his country plans to invest at least $2 billion (euro1.6 billion) more for the new projects with Cuba.
That amount includes $1 billion (euro838 million) for a plan to construct housing in both countries, and the rest for the operation of oil refineries in the southern region of Cienfuegos and the northern coast of Matanzas, he said.
"The possibilities for business with Cuba are enormous," Figueroa said.
De la Nuez predicted trade between the two allied nations could reach $2 billion (euro1.6 billion) annually by the end of 2006, but Figueroa said he thought that amount would be reached this year.
Cuba is currently buying $1.1 billion (euro912 million) worth of Venezuelan petroleum annually on highly preferential terms, along with another $300 million (about euro250 million) in Venezuelan food, construction materials, and other products, Cuban Foreign Commerce Minister Raul de la Nuez said earlier this week at the fair.
Cuba, in return, gives Venezuela the services of thousands of doctors and other health workers as well as other professionals.
Political ties between the two countries have become increasingly tight in recent years under the leadership of presidents Hugo Chavez of Venezuela and Fidel Castro of Cuba, who also share a close friendship.
The administration of US President George W Bush has grown alarmed by the alliance in recent years, with some American officials characterising Chavez and Castro as troublemakers who are trying to destabilise weak Latin American democracies - something both leaders deny.
AP
Sunday, November 06, 2005
HAVANA (AP) - Venezuela hopes to double business with Cuba to $4 billion (nearly euro3.4 billion) next year, including investments in housing projects and the jump-starting of two Cuban oil refineries, a commerce official attending an annual trade fair on the island said.
The South American country has already become Cuba's top trading partner with $1.4 billion (euro1.2 billion) in commerce annually - the vast majority of that petroleum Venezuela now regularly exports to the island.
But Roger Figueroa, Venezuela's vice foreign commerce minister, told The Associated Press Wednesday that his country plans to invest at least $2 billion (euro1.6 billion) more for the new projects with Cuba.
That amount includes $1 billion (euro838 million) for a plan to construct housing in both countries, and the rest for the operation of oil refineries in the southern region of Cienfuegos and the northern coast of Matanzas, he said.
"The possibilities for business with Cuba are enormous," Figueroa said.
De la Nuez predicted trade between the two allied nations could reach $2 billion (euro1.6 billion) annually by the end of 2006, but Figueroa said he thought that amount would be reached this year.
Cuba is currently buying $1.1 billion (euro912 million) worth of Venezuelan petroleum annually on highly preferential terms, along with another $300 million (about euro250 million) in Venezuelan food, construction materials, and other products, Cuban Foreign Commerce Minister Raul de la Nuez said earlier this week at the fair.
Cuba, in return, gives Venezuela the services of thousands of doctors and other health workers as well as other professionals.
Political ties between the two countries have become increasingly tight in recent years under the leadership of presidents Hugo Chavez of Venezuela and Fidel Castro of Cuba, who also share a close friendship.
The administration of US President George W Bush has grown alarmed by the alliance in recent years, with some American officials characterising Chavez and Castro as troublemakers who are trying to destabilise weak Latin American democracies - something both leaders deny.
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