CCuba's revenue from the export of services in 2008 topped $9 billion, more than double that which was recorded prior to a 2004 cooperation agreement signed with Venezuela.

Reuters reports that the deal has allowed the island to balance its external finances despite running up a trade deficit of $11.6 billion.

Although the country did not itemise revenues from service exports, income is thought to have been generated from the flow of medical and technical services, in addition to the provision of training and development for overseas workers.

Furthering this cooperation, Venezuelan and Cuban heads of state Hugo Chavez and Raul Castro last month signed a new agreement which will see Cuba's refinery output at the Hermano Diaz plant more than double to 50,000 barrels a day.

In return, Cuba will provide a flow of professional services to Venezuela, in addition to providing training and development programmes for the domestic workforce.

Global Education and Training event for Oil and Gas: Refining and Petrochemicals