Venezuela, Cuba Acquire New Oil Tankers

Venezuela, Cuba Acquire New Oil Tankers
Monday February 9th, 2009 / 19h54
CARACAS -(Dow Jones)- Venezuela and Cuba received one of the two Panamax
72.7-ton oil tankers they had ordered to facilitate distribution in the
Caribbean.
Transportes ALBA, or Transalba, a joint venture between both
governments, recently obtained the South Korea-made ship, named the
"Petion," Petroleos de Venezuela SA, or PdVSA, said in a statement. The
acquisition was financed with a loan from Venezuela's state-owned BANDES
bank, payable in 15 years.
A second ship, the "Sandino," named after a historic Nicaraguan
revolutionary figure, is expected to arrive in March. The partners are
also pondering acquiring a third ship of a slightly lower tonnage to
supply oil and products to countries in Central America.
Transalba is one of several joint ventures signed by President Hugo
Chavez and Cuba's Fidel and Raul Castro. Each country owns a 50% stake
in the venture.
The tanker purchase comes at a time when Venezuela faces a difficult
financial outlook amid low oil prices. Chavez has promised that, despite
the oil market's troubles, his country will continue to spend to further
his socialist ideals.
-By Raul Gallegos, Dow Jones Newswires; +58-212-905-6338;
raul.gallegos@dowjones.com
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Monday February 9th, 2009 / 19h54 Source : Dowjones Business News

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