Cuba owes Venezuela about $891 million for oil, mostly for purchases dating from last year, El Universal reported, citing documents it had obtained from the state oil company. The majority of the debt, or $651 million, carries short- term maturities, the newspaper said, citing the documents. Cuba made few payments for Venezuelan oil since December 2002 when a two-month long nationwide strike began, the newspaper said. Energy and Mines Minister Rafael Ramirez said earlier this week at a press conference that there was no problem with Cuba and its payments for Venezuelan oil. Venezuela’s opposition has charged that Cuba is reselling the crude at market prices to gain foreign currency. Venezuela in October 2000 agreed to sell Cuba 53,000 barrels a day of oil at preferential terms.
It is ironic that Chavez is pressuring the Central Bank of Venezuela to fork over $1B to fund farming programs (peasant farmers being his largest constituency.) Besides transferring control of foriegn oil interests from the legislature to one of his ministries, he is also trying to use his central bank for pork. Doesn’t he know that’s the legislatures job? Taxation through inflation must be the most insideous tax of all - besides the one on beer. |