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Yahoo! May
24, 2002.
CARACAS -(Dow Jones)- Venezuela 's state-owned oil monopoly Petroleos de
Venezuela (E.PVZ) has notified the Cuban government of its intention to stop
delivering around 53,000 barrels a day of crude oil due to lack of payment,
El Nacional reported Friday.
A PdVSA commission headed by Vice President Jorge Kamkoff has recommended
that company president Ali Rodriguez end a bilateral agreement under which PdVSA
supplies Cuba crude oil under favorable financial terms, El Nacional reported,
citing a company document. The document reportedly said PdVSA sold Cuba crude
oil worth about $700 million dollars, of which at least $63 million hasn't been
paid.
PdVSA officials couldn't be reached for additional comment Friday.
PdVSA supplies one-third of Cuba 's oil. However, Cuba has received no crude
since last month's failed coup attempt against President Hugo Chavez. During the
48 hours Chavez was ousted from power, PdVSA officials vowed not to deliver a
drop of oil to Cuba , claiming Venezuela is giving its oil away.
However, after Chavez returned to power the government vowed to resume
shipments.
Cuba consumes about 150,000 b/d, of which one-third is domestically
produced.
-By Fred Pals, Dow Jones Newswires; 58212-5641339; fred.pals@dowjones.com; | 
