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CUBAN ECONOMY HURT BY SUSPENSION OF VENEZUELA OIL SHIPMENTS UNDER 2000 AGREEMENT

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/11026

CUBAN ECONOMY HURT BY SUSPENSION OF VENEZUELA OIL SHIPMENTS UNDER 2000 AGREEMENT

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Title: CUBAN ECONOMY HURT BY SUSPENSION OF VENEZUELA OIL SHIPMENTS UNDER 2000 AGREEMENT
Author: NotiCen writers
Subject(s): Cuba
Venezuela
Oil
oil shipments
2000 agreement
Hugo Chavez
Programa de Cooperacion Energetica
PDVSA
corrupt alliance
cheap
San Jose Pact
politics
USA policies
NAFTA
Cuba Mexico relations
Fourth Tuxtla summit
San Jose Pact
Caracas Pact
Cuba Venezuela agreement
Tribunal Supremo de Justicia
TSJ
National Assembly
PDVSA
Torricelli law
Democracy Act
Oil Daily
Pedro Carmona
CUPET
Cuba-Petroleo
Pebercan
Abstract: The April 11 coup against Venezuelan President Hugo Chavez has had serious consequences for Cuba as coup leaders abruptly stopped scheduled shipments of oil to Cuba. Shipments did not resume after the collapse of the short-lived coup regime. Under an October 2000 agreement (Programa de Cooperacion Energetica), the Venezuelan state oil company Petroleos de Venezuela (PDVSA) was to ship 193 million barrels per year of crude and various derivatives for five years (see NotiCen, 2000-11-02). Cuba agreed to pay up to 75% in 90 days and the balance was to be financed over 15 years. The agreement originally allowed Cuba to pay part of the bill in goods and services, exchanging medical, sports, and tourism services and agricultural products for part of the oil shipments. The barter system was dropped in September 2001 and all exchanges were paid for in cash after that. Cuban authorities said the system was abandoned because it was too complicated.
Date: 2002-06-13
URI: http://hdl.handle.net/1928/11026

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