Venezuela aims to expand oil supply pact

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Source: CCTV.com | 07-14-2008 10:17

Venezuelan President Hugo Chavez wants to expand a regional pact that delivers fuel to 17 nations in the Caribbean.

Venezuela''s President Hugo Chavez speaks during the opening ceremony of the Petrocaribe Summit in Maracaibo, Venezuela, Sunday, July 13, 2008. (AP Photo/Miraflores Press Office)

He used a regional summit on energy to describe the Petro-caribe accord as a tool against poverty. He also dismisses accusations he is giving away Venezuela's oil wealth. Chavez says Venezuela aims to continue strengthening the accord, calling it an "anti-hunger shield" for Latin America and Caribbean countries.

Under the agreement, oil-rich Venezuela provides nations with fuel under preferential terms. Among them, long-term loans and the option of paying partially with services or goods such as rice, bananas and sugar.

Venezuelan oil officials say efforts to expand an oil distribution network in the Caribbean are expanding. They include installing storage tanks in more locations and rehabilitating a refinery in Cuba.

Editor:Zhang Yue