Venezuelan energy company to help Cuba increase oil production

Venezuelan energy company to help Cuba increase oil production

Thursday, June 8, 2006

by Peter Wilson

CARACAS, Venezuela (AFP): Petroleos de Venezuela SA, South America's
largest energy company, pledged to help Cuba increase production of oil
and improve the quality of gasoline.

A technical-services agreement was signed by Petroleos de Venezuela's
research unit and Cuba's oil company, the Caracas- based company said
today in a press statement.

"We are going to contribute our experience, accumulated over long years,
to help our brothers in Cuba," said Petroleos de Venezuela research
chief Hercilio Rivas.

Petroleos de Venezuela and Cuba formed a joint venture in April to
renovate Cuba's Cienfuegos refinery and sell refined fuels throughout
the Caribbean.

Cuba currently produces about 75,000 barrels a day of oil, and has
proven reserves of about 750 million barrels.

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