Canadian firm to invest $1.25B in Cuba

Posted on Thu, Jun. 07, 2007

ENERGY
Canadian firm to invest $1.25B in Cuba

HAVANA --
(AP) -- Canada's Sherritt International Corp. said Wednesday it plans to
invest $1.25 billion in Cuba over the next two years, bolstering its
position in the island's oil, natural gas, electricity and nickel and
cobalt mining sectors.

''Cuba is one of our favorite places to work,'' Sherritt President Ian
Delaney said during an event marking the expansion of the Energas
natural gas plant, 30 miles east of Havana, which his company manages
jointly with state-owned Cuba Petroleo.

Delaney did not specify what the new investments will be used for,
saying only they will go toward a variety of projects. Sherritt is among
the largest foreign investors in Cuba.

Acting President Raul Castro and Vice President Carlos Lage were among
those at the ceremony.

Lage said Cuba plans to erect 39 oil exploration wells this year, 26 of
which will include foreign investment.

Washington's 45-year-old embargo against Cuba bans American tourists
from visiting the island and chokes off most trade between the two
countries.

Cuba plans offshore drilling for oil and natural gas close to the coast
of Florida, and proposals in the U.S. Congress would ease restrictions
to allow American firms to invest in the island's exploration efforts.

http://www.miamiherald.com/103/story/131190.html