Cuba Participates in ALBA and PetroCaribe Meetings

HAVANA TIMES — The vice president of the Council of Ministers of the island, Miguel Diaz-Canel, on Thursday participated in the joint meeting of the Bolivarian Alliance for the Peoples of Our America (ALBA) and PetroCaribe, which were both held in Caracas, reported the Prensa Latina news agency.

“PetroCaribe and ALBA are the main mechanisms for integrating new type of the continent, one based on the principles of solidarity, complementarity and selfless cooperation,” said Diaz-Canel.

According to Manuel Alberto Ramy (a correspondent for Radio Progreso Alternativa and Progreso Weekly), Petrocaribe members receive oil with soft financing, as they’re charged 40 percent of market value when the price exceeds $50 a barrel, 50 percent if it exceeds $80, and 60 percent if oil exceeds $100 dollars a barrel.

Venezuela currently sends an average of 100,000 barrels of oil to the island daily, of which PetroCaribe finances about 30,00 thousand barrels through an agreement established for 25 years at an interest rate of only 1 percent .