Venezuelan involvement in Cuba

Banco Industrial de Venezuela plans to spend $50 million to create a Cuban office to invest in state-owned companies.

Petroleos de Venezuela has sold up to 100,000 barrels of oil a day to Cuba at a discount of as much as 40% since 2000.

Petroleos de Venezuela is donating $20 million for costruction of a rural electricity grid and about 2,000 new homes.

Government of Venezuela pays Cuba $400 million a year to employ 22,000 Cuban doctors, teachers, and other professionals in Venezuela.

Source: “Comrades in Oil,” Bloomberg Magazine, December 2006.

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