Sunday, November 23, 2008

Russia to invest in Cuba's oil and nickel industries

Press TV

Sun, 23 Nov 2008 02:09:55 GMT

Russia has announced plans to invest in Cuba's oil and nickel industries, ahead of President Dmitry Medvedev's upcoming visit to the Island.

Moscow is considering a number of deals, which require certain Russian firms to explore Cuba's coastal waters for offshore oil in the Gulf of Mexico, Russia's Ambassador to Havana Mikhail Kamynin said Saturday, AFP reported.

Cuba is already in talks with firms from Spain, Norway, India, Canada, Vietnam, Malaysia, Venezuela and Brazil to explore prospects of offshore drilling.

Should Moscow and Havana ink the deals, Russian firms would be responsible for developing crude oil and oil derivative storage facilities as well as modernizing the Island's oil pipelines, Kamynin said.

The planned deals include one between Russia's NorNickel and Cubaniquel to build a plant in Holguin province.

In October, Cuban officials said the Island's crude reserves were almost twice what they had predicted to be, claiming that the Caribbean nation had a crude reserve of 21 billion barrels.

The Russian president, who embarked on his Latin American tour on Saturday, is expected to arrive in Havana on Thursday, after making stops in Peru, Brazil and Venezuela.

No comments: