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Cuba summit to discuss oil pact Leaders discuss oil pact in Cuba
(about 6 hours later)
Heads of state from Latin American and the Caribbean are gathering for a summit on a Venezuelan initiative to supply cheap oil to regional allies. Heads of state from Central America and the Caribbean have met in Cuba for a summit on a Venezuelan initiative to supply cheap oil to regional allies.
Petrocaribe is a Venezuelan-financed organisation which gives its members access to oil at preferential rates. Petrocaribe is a Venezuelan-financed organisation that gives its members access to oil at preferential rates.
So far 16 countries have signed up to the pact, which was launched in June and allows members to buy Venezuelan oil financed by low interest loans.So far 16 countries have signed up to the pact, which was launched in June and allows members to buy Venezuelan oil financed by low interest loans.
Acting Cuban President Raul Castro is to host the summit. Venezuela's President Hugo Chavez hailed a "new geopolitics of oil".
The BBC's Michael Voss in Cuba says the initiative was set up by Mr Chavez as a challenge to Washington's free trade area for the Americas.
It is proving an economic lifeline for countries struggling to cope with soaring oil prices, he says.
Deferred payments
Mr Chavez entered the summit with Cuba's Acting President Raul Castro, greeting leaders from nearly a dozen countries.
"We have begun to create a new geopolitics of oil that is not at the service of big money interest," Mr Chavez said.
Leaders from almost a dozen countries attendedThe initiative permits signatory countries to defer payment on 40% of the oil they buy from Venezuela for up to 25 years, paying interest of only 1%.
Cuba already receives all its oil for free in exchange for social services including the work of thousands of Cuban doctors.Cuba already receives all its oil for free in exchange for social services including the work of thousands of Cuban doctors.
And Caribbean islands such as Jamaica, Haiti and the Dominican Republic can pay their bills in part with products such as bananas and sugar.And Caribbean islands such as Jamaica, Haiti and the Dominican Republic can pay their bills in part with products such as bananas and sugar.
The BBC's Michael Voss in Cuba says the initiative was set up by Venezuelan President Hugo Chavez as a challenge to Washington's Free Trade area for the Americas. It is proving an economic lifeline for countries struggling to cope with soaring oil prices, he says.
Critics accuse President Chavez of using his oil wealth to extend his and Cuba's political influence.Critics accuse President Chavez of using his oil wealth to extend his and Cuba's political influence.
Venezuela is a leading oil supplier to the US, but Mr Chavez is seeking to develop diversified energy ties with the Caribbean, Latin America and Asia.Venezuela is a leading oil supplier to the US, but Mr Chavez is seeking to develop diversified energy ties with the Caribbean, Latin America and Asia.
The event will also include the ceremonial re-opening of a long-idle Soviet-era oil refinery in Cuba, which Venezuela has helped to renovate. Also on the agenda at the summit is the ceremonial reopening of a long-idle, Soviet-era oil refinery in Cuba, which Venezuela has helped to renovate.
Cuba's charismatic 81-year-old leader Fidel Castro is still recuperating from stomach surgery. He said earlier this week that he would "not to cling to office", which sparked speculation that the revolutionary who has led Cuba for 47 years may be considering retirement. Before the summit, Mr Chavez spent two and a half hours with Cuban President Fidel Castro, state media said, in the latest of several visits to the ailing leader.
The two held an "emotional" meeting, during which they discussed regional integration and international affairs, state media reported.
Fidel Castro is still recuperating from stomach surgery. He said earlier this week that he would "not cling to office", which sparked speculation that the revolutionary who has led Cuba for 47 years may be considering retirement.