Cuba hopes to cooperation with Rosneft oil corporation

Cuba hopes to cooperation with Rosneft oil corporation

Economy June 19, 0:38 UTC+4

© ITAR-TASS/ Nikolai Nikitin



MOSCOW, June 18. /ITAR-TASS/ Cuba hopes to cooperate with the Russian

oil corporation Rosneft when it develops its new oilfields, the Cuban

Deputy Minister of Energy and Mines, Ruben Cid who is taking part in the

World Oil Congress in Moscow told Itar-Tass Wednesday.

"Talks with Russian oil corporations are underway at the moment," he

said. "The Director General of our national oil company CUPET, Juan

Torrez Naranjo, and Rosneft President Igor Sechin signed a memorandum

recently in St Petersburg, under which the two companies will do the

joint development of oilfields on the Cuban continental shelf."

Russia and Cuba are working extensively on this project now, "as both

countries are interested in signing an agreement in that area."

"At present, active production of oil is underway in the part of the

island belonging to the U.S. but the part belonging to Cuba properly has

been very poorly prospected and oil is produced from only four wells

there, which is too little," Cid said. "Hopefully, this contract will be

signed."

"Production in deep waters is expensive enough and that's why to attract

investors there is a much more painstaking job," he said. "In this

respect, we pin hopes on our partners from Venezuela and Angola, as well

as on Rosneft. Hopefully this contract will be signed.



Source: ITAR-TASS: Economy - Cuba hopes to cooperation with Rosneft oil

corporation - http://en.itar-tass.com/economy/736706