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Russia to prospect for oil in Cuba
St Petersburg News.Net
Thursday 5th November, 2009 (IANS)
Russian and Cuban governments have signed four agreements for oil exploration and production on the Caribbean island, official media reported.
Under the accords, Russian state energy firm Zarubezhneft has been given permission to operate for 25 years in blocks located in the Cuban provinces of Matanzas, Sancti Spiritus, Villa Clara and Ciego de Avila, Cuban state television said Wednesday.
Cuban Basic Industry Minister Yadira Garcia and Russian Deputy Trade and Industry Minister Ivan Materov attended the signing ceremony, which took place at Russia's pavilion at the International Trade Fair in Havana. The fair got underway Monday.
The deal represents the countries' first bilateral oil agreement since the break-up of the Soviet Union, which subsidised the Cuban economy for decades.
Spain's Repsol-YPF, Norway's Norsk Hydro, India's Oil and Natural Gas Corporation, Malaysia's Petronas, Venezuela's PDVSA, Vietnam's PetroVietnam and Brazil's Petrobras all have signed oil-exploration deals with Cuba's communist government.
Cuban state oil firm Cuba Petroleo said last November that about 20 billion barrels could lie in the island's offshore fields, while the US Geological Survey has estimated a more modest total of between 4.6 billion and 9.3 billion barrels of recoverable crude.
Cuba currently imports from close ally Venezuela more than 90,000 barrels per day of crude oil - or about half the island's needs - under preferential terms that allow the country to pay with medical, educational and sports services.  Email this story to a friend
Comments on this story
Anonymous
11-05-09, 06:13 AM |
Russia to prospect for oil in Cuba
If not for the communist government, Cuba would have become US Cuba just like all those Islands with the preface US on them.
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Anonymous
11-05-09, 06:15 AM |
US Cuba?
Don’t let ignorant kids tell you it is good to let US take over your country. It is bad enough just to listen to their congressmen’s demand.
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maricusa
11-07-09, 12:18 PM |
La gran estafa...
Raul, Russia they do not have the money and technical support to drill as they want in CUba
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desprecio a los indios
11-07-09, 11:28 PM |
Que clase de indigena acomplejado
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desprecio a los indios
11-07-09, 11:31 PM |
Que acomplehado on los indigenas Latinoamericanos
Anonymous
,indigena,por que ustedes son tan feos y acomplejados chico?
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