Venezuelan President Hugo Chavez said Saturday that Venezuela was ready to become the sole energy supplier to Cuba, Bolivia, Nicaragua and Haiti, presenting the countries with his most generous offer yet of oil-funded diplomacy in the region. Chavez said he hoped to sign a deal with the four countries, his main leftist allies in the region, during the summit of The Bolivarian Alternative for the Americas he is hosting this weekend in Caracas. The bloc, known as ALBA, was formed in 2004 by Chavez and his Cuban mentor Fidel Castro to promote trade and cooperation along socialist lines and to oppose a US-backed free trade area. It has since grown to include Bolivia and Nicaragua. Ecuador has also expressed interest and Haiti was attending the two-day summit that started Saturday as an observer.
"The time has come for this oil, this energy, these resources to in some way serve the development and happiness of our people and the union of our territories," said Chavez, whose nation is a major oil exporter with vast reserves. "I've come here to propose to the member countries of ALBA - and in that we are already including Haiti - that Venezuela guarantee ... the supply of all your energy needs," said Chavez. "100 percent."
Under the proposal, Venezuela was ready to finance up to 50 percent of the total oil bill and would also create a matching fund to finance agricultural projects, food production and small-to-medium size industries, Chavez said.