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Venezuela, South America's leading oil exporter, led the signing of an energy
cooperation agreement among 13 nations, including Cuba.
The Petrocaribe Alliance -- signed at a one-day summit in Puerto La Cruz, Venezuela
-- will supply cheaper oil to member nations.
To do that, the agreement calls for the creation of a regional refinery network,
overseen by Venezuela, to produce and ship oil to member nations, El Universal
reported Thursday
President Hugo Chavez also pledged to pick up 40 percent of the cost of oil
going to Petrocaribe countries if the price per barrel on the world market was
higher than $50 a barrel as it is now.
He also said the agreement would lower costs by eliminating intermediary oil
traders that inevitably lead to higher prices at the pumps.
Venezuela wants to share its energy potential with South America and the Caribbean,
Chavez told leaders.
Two Caribbean nations -- Barbados and Trinidad and Tobago -- elected not to
sign the Petrocaribe agreement Wednesday saying they needed more time to study
its terms.
