Cuba and Venezuela Sign New Cooperation Agreements

The accords were subscribed in thirteen documents, five memorandums of understanding, one cooperation agreement, two joint ventures, and three contracts for oil exploration and exploitation.

On the five memorandums of understanding it was agreed to begin feasibility studies for the creation of two joint ventures to build and operate cement plants in both nations.

The documents also made reference to two plants for dry and additive added mortars, petrochemical studies, the design and construction of facilities for the regasification of liquid natural gas and a plant to process heavy crude oil in Cuba.

Two letters of intent were penned in regard to two joint ventures, one to develop the state run fishing industry of Venezuela, and another to develop their fishing fleet in national and international waters.

Both parties also signed an accord on technological cooperation between Cuba’s CUPET and Venezuela’s PDVSA.

In addition, two new joint ventures were created, one to exploit serpentine nickel deposits, and a second to build and run a hotel in Paredon Grande Key.

The three contracts for oil exploration and extraction in Cuba will focus inland, on shallow waters, and on deep waters of Cuba’s exclusive economic area.

Hugo Chavez also signed a Presidential Decree for the creation of a state run joint venture to install, operate and service the international telecommunication system between the two nations.

Twenty-one new accords have been signed so far between Cuba and Venezuela, nineteen of them for joint ventures in key economic sectors of both countries.

Other high ranking officials attending the ceremony included Cuban Vice President Carlos Lage, Ministers for Telecommunications Ramiro Valdes (Cuba) and Jessy Chacon (Venezuela), Foreign Ministers Felipe Perez Roque (Cuba), and Nicolas Maduro (Venezuela), Cuban Minister for Foreign Investment and Economic Collaboration Martha Lomas, Venezuelan Minister of Energy and Petroleum Rafael Ramirez, and Minister of Basic Industry and Mining Jose Khan also from Venezuela.