Venezuelan President Hugo Chavez said Venezuela hopes to gradually sell off its refineries in the US and build a new network of refineries in Latin America as part of his plan to offer allies in the region a stable oil supply.
Chavez also raised the idea of issuing a regional bond to raise funds for social spending as he hosted a summit of the Bolivarian Alternative for the Americas (ALBA), a leftist bloc and trade group that includes Venezuela, Cuba, Bolivia and Nicaragua.
"I proposed that we issue an ALBA bond. I hope that we can do it ... And that we issue it here in Venezuela, like we did with Argentina, and bring in US$1 billion,'' Chavez said, addressing leaders on Sunday on final day of their talks. Chavez said the money acquired would be put in a fund to provide credit for ALBA countries.
Chavez and other leaders signed accords for Venezuela to supply fuel under preferential terms and join up with other countries for cooperative projects in education, telecommunications, mining and other areas.
Chavez said Venezuela will guarantee to supply 100 percent of the energy needs for ALBA members as well as Haiti.
ALBA was created in 2004 by Cuba and Venezuela as a counterproposal to US backed free-trade plans.
Chavez said Venezuela eventually plans to help build a network of refineries in Nicaragua, Haiti, Ecuador, Bolivia and the Dominica, as well as refurbishing Cuba's Cienfuegos refinery, to provide a stable supply of oil -- and the earnings it generates -- to countries in Latin America.
He noted that Venezuela's Citgo Petroleum Corp has seven refineries in the US and said that "part of our plans is to sell those refineries."
Under special oil deals offered by Venezuela, ALBA member states would be able to finance 50 percent of the bill for fuel under low-interest loans and 25 percent of the total bill would go into a special "ALBA Fund" to support local projects through loans, he said.
Leaders also discussed creating an "economic cooperation and investment fund," and Chavez offered a contribution of US$250 million.
Among long-term plans, Chavez proposed to build a petrochemical complex and natural gas plant in Haiti.
Leaders attending included Haitian President Rene Preval, Nicaraguan President Daniel Ortega, Bolivian President Evo Morales and Cuban Vice President Carlos Lage, plus officials from Uruguay, Ecuador, Dominica, St. Kitts and Nevis, St. Vincent and the Grenadines.
Morales raised bitter complaints about the International Center for Settlement of Investment Disputes (ICSID), a World Bank body that mediates disputes between governments and foreign investors.
"Governments in Latin America and I think all over the world never win the cases. The transnationals always win," Morales said.
Chavez backed Morales' stance, saying he had never heard of ICSID but that Latin American countries could create their own arbitration body for disputes.
People can preregister to receive their NT$10,000 (US$325) cash distributed from the central government on Nov. 5 after President William Lai (賴清德) yesterday signed the Special Budget for Strengthening Economic, Social and National Security Resilience, the Executive Yuan told a news conference last night. The special budget, passed by the Legislative Yuan on Friday last week with a cash handout budget of NT$236 billion, was officially submitted to the Executive Yuan and the Presidential Office yesterday afternoon. People can register through the official Web site at https://10000.gov.tw to have the funds deposited into their bank accounts, withdraw the funds at automated teller
PEACE AND STABILITY: Maintaining the cross-strait ‘status quo’ has long been the government’s position, the Ministry of Foreign Affairs said Taiwan is committed to maintaining the cross-strait “status quo” and seeks no escalation of tensions, the Ministry of Foreign Affairs (MOFA) said yesterday, rebutting a Time magazine opinion piece that described President William Lai (賴清德) as a “reckless leader.” The article, titled “The US Must Beware of Taiwan’s Reckless Leader,” was written by Lyle Goldstein, director of the Asia Program at the Washington-based Defense Priorities think tank. Goldstein wrote that Taiwan is “the world’s most dangerous flashpoint” amid ongoing conflicts in the Middle East and Russia’s invasion of Ukraine. He said that the situation in the Taiwan Strait has become less stable
CONCESSION: A Shin Kong official said that the firm was ‘willing to contribute’ to the nation, as the move would enable Nvidia Crop to build its headquarters in Taiwan Shin Kong Life Insurance Co (新光人壽) yesterday said it would relinquish land-use rights, or known as surface rights, for two plots in Taipei’s Beitou District (北投), paving the way for Nvidia Corp to expand its office footprint in Taiwan. The insurer said it made the decision “in the interest of the nation’s greater good” and would not seek compensation from taxpayers for potential future losses, calling the move a gesture to resolve a months-long impasse among the insurer, the Taipei City Government and the US chip giant. “The decision was made on the condition that the Taipei City Government reimburses the related
FRESH LOOK: A committee would gather expert and public input on the themes and visual motifs that would appear on the notes, the central bank governor said The central bank has launched a comprehensive redesign of New Taiwan dollar banknotes to enhance anti-counterfeiting measures, improve accessibility and align the bills with global sustainability standards, Governor Yang Chin-long (楊金龍) told a meeting of the legislature’s Finance Committee yesterday. The overhaul would affect all five denominations — NT$100, NT$200, NT$500, NT$1,000 and NT$2,000 notes — but not coins, Yang said. It would be the first major update to the banknotes in 24 years, as the current series, introduced in 2001, has remained in circulation amid rapid advances in printing technology and security standards. “Updating the notes is essential to safeguard the integrity
RSS