Russia to invest $3 billion in Cuban petroleum

HAVANA (RPA/Progreso Semanal-Weekly) – The Russian state company Zarubehzneft will spend nearly $3 billion until 2025 in the hydrocarbon sector, according to Russia Today. The Russian government’s intention is to increase its investments in this sector, said Yuri Ushakov, advisor to President Vladimir Putin.

Specifically, the petroleum company Zarubezhneft plans on investing $2.9 billion until 2025, to which are added Gazpromneft’s operating expenses. On Tuesday, Ricardo Cabrisas, Cuba’s vice president of the Council of Ministers, and Nilolai Brunich, Zarubezhneft oil company director, held meeting where they discussed the joint projects between the Russian company and Cuba’s Cupet.

In the coming month of November, Zarubezhneft will begin exploring in Block L of the Cuban zone in the Gulf of Mexico. This decision corresponds to the agreements signed in 2011 by both sides for the search and extraction of petroleum.

“I believe there are very good prospects for our economic cooperation,” said Brunich as reported by Russia Today.

The conversation between Brunich and Cabrisas evidently forms part of the objectives for President Raul Castro’s trip to China, Vietnam and Russia.

To read the complete text of the Russia Today report, click here:


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