Cuba, Venezuela trade amounted to USD 1.2 billion in 2005, said Venezuelan ambassador to Cuba Adán Chávez, brother of President Hugo Chávez.

In a news release published by the Venezuelan President's Office, the diplomat stressed that "by the end of 2005, the economic flow boosted by Venezuela-Cuba agreements was around USD 1.2 billion."

"Based on production this year, we have a goal to reach USD 2 billion in the two periods," the communiqué added.

Adán Chávez added that in October 2005, Caracas and Havana initialed 182 new agreements in the framework of the sixth joint committee intended to assess progress in bilateral relations in the fields of education, health, energy and petroleum.

These deals include installation in Venezuela of 600 integral diagnostic centers, 600 rehab centers, and around 40 high-technology centers in the first half of 2006.

He added that Cuba granted 10,000 scholarships for Venezuelans willing to study community integral medicine. Some 4,500 Venezuelans started these studies last year.

Venezuela supplies Cuba with almost 100,000 bpd of crude oil or by-products under a cooperation agreement providing for "cash payment of 60 percent of the price and financing of 40 percent for a 17-year term, with a two-year grace period at a yearly interest rate of 1 percent."

An undisclosed portion of Venezuelan oil sales to Cuba can be paid "with the supply of (Cuban) goods and services."