In addition, Chavez met for over two hours with Fidel Castro yesterday. A brief account in Granma said that the leaders discussed several topics including the Petrocaribe plan, political affairs between Cuba and Venezuela, and “the international situation.”
What is Petrocaribe? According to a 2005 BBC News article:
The Petrocaribe initiative aims to reduce the prices Caribbean nations pay for oil imports. Venezuela already gives preferential treatment to communist Cuba and other nations…
Mr. Chavez has pledged highly preferential oil prices, with Caracas picking up 40% of the cost if oil is selling at more than $50 a barrel, as it is now.
He has promised further concessions to the Petrocaribe signatories if prices hit the $100 a barrel mark.
Sources (English)- CNN, Reuters, AFP, BBC News
Sources (Spanish)- Granma
Image- Cuban News Agency