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Fidel Castro and Hugo Chavez
Reassert Regional Integration
Project
Cuban leader, Fidel Castro Ruz,
and Venezuelan President, Hugo
Chavez Frias, presided over the
signing of several commercial
agreements, in which they
reasserted their common backing
for the Bolivarian Alternative
for the Americas (ALBA).
Both Latin American Presidents
considered it a historical day.
Fidel Castro highlighted the
signing of the agreements as one
more step towards the
integration between Cuba and
Venezuela, and Hugo Chavez
remembered how he talked about
the dreams of Venezuelan
National Hero Simon Bolivar in
Old Havana 10 years ago.
Under Law 77 for foreign
investment in Cuba, the two
first enterprises with total
Venezuelan capital in Cuba were
constituted in the sectors of
energy and finances.
One enterprise is the opening of
the office of Petroleos de
Venezuela (PDVSA) and the other
is the branch of Banco
Industrial de Venezuela-Cuba S.A.
The social objective of the
second one will be to act as a
financial intermediary in
foreign currency, while PDVSA-CUBA
S.A. will conduct activities
linked with the oil industry and
by-products.
Before signing the agreement,
both Presidents toured the PDVSA
office in Old Havana, and put a
floral wreath before the statue
of Libertador Simon Bolivar in
this capital.
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