Venezuelan transactions

Brazil: Chavez and President Luiz Inacio Lula da Silva are discussing plans to jointly build a $2.5 billion refinery in Brazil. Petrobras may also conduct E&P work in Venezuela.

Argentina: To minimize energy shortages, Venezuela has supplied Argentina with emergency fuel oil since last year, in exchange for cash and agricultural products. Also, Presidents Chavez and Nestor Kirchner announced plans to supply Argentina with 4 million additional bbls of Venezuelan fuel oil. In return, Argentina will provide farming machinery and shipbuilding expertise.

Cuba: Venezuela barters 90,000 bopd in exchange for more than 30,000 doctors, sports coaches and teachers. PdVSA opened a Caribbean headquarters in Cuba earlier this year.

Ecuador: After protestors forced Petroecuador to shut in production, President Alfredo Palacio asked Chavez for an oil loan to meet its export commitments. Venezuela had already offered to process Ecuador's oil and sell products refined from that crude.

Paraguay: Venezuela ships 8,600 bpd of crude oil by-products at a 25% discount, and with no interest, to Paraguay.

Uruguay: Chavez signed an oil supply and energy accord with President Tabare Vazquez. Venezuela will guarantee oil supplies to Uruguay for the next 25 years at discounted terms. In exchange, Uruguay will pay for 67% of the oil with export products, and the rest under low-interest financing. PdVSA will also upgrade Uruguay's La Teja refinery to process Venezuelan crude.

Petrocaribe: Venezuela offers generous financing for oil sales and deferred payment to 13 of 15 Caricom (Caribbean Community) member countries, in exchange for goods, services or credit.

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