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