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 BARQUISIMETO, Venezuela (AP) - President Hugo Chavez said Sunday that Venezuela hopes to gradually sell off its refineries in the United States and build a new network of refineries in Latin America, part of a plan to offer his leftist allies in the region a stable oil supply.
Chavez also raised the idea of issuing a regional bond to raise funds for social spending as he hosted a summit of the Bolivarian Alternative for the Americas, or ALBA, a leftist bloc and trade group that includes Venezuela, Cuba, Bolivia and Nicaragua.
"I proposed that we issue an ALBA bond. I hope that we can do it.... And that we issue it here in Venezuela, like we did with Argentina, and bring in $1 billion," said Chavez, addressing leaders Sunday on final day of their meeting.
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