Panama, Venezuela sign energy deal

[Judi Lynn]

UPDATED: 10:11, June 23, 2006
Panama, Venezuela sign energy deal

Venezuela agreed to supply Panama with natural gas and petroleum in a deal signed by their leaders on Thursday, just as Panama is experiencing one of its worst energy crises.

At a signing ceremony here, Venezuelan President Hugo Chavez described the deal as a historic one, and said he had already signed such agreements with Uruguay, Argentina, Cuba, Brazil, Jamaica and Bolivia, providing them with much-needed petrol at low prices.

"Venezuela's petrol will serve the Venezuelan people and also Latin American nations," he said in a long and emotional speech.

"We are willing to build a refinery in Panama, because at present our petrol reaches here via intermediaries who are getting rich as a result of this trade," Chavez added.
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