Home | Subscribe To The Final Call | Books & Tapes e-Store| Letters/Contact Us | TV & Radio  

Last Updated: Jun 1, 2010 - 1:27:41 AM 

Front Page 
Minister Louis Farrakhan
National News
World News
Perspectives
Columns
Business & Money
Entertainment News
Health & Fitness
Technology
Features
Finalcall.com Español
FinalCall.com Web Video
FCN UK & International Edition
Sister Space
The Time And What Must Be Done Series
NOI Prison Reform
Editorials
Straight Words


Subscribe to FCN E-List

Enter email address:

Email Delivery Format:
HTML  Plain Text
Manage Your Subscription


The Untold Story
of Hurricane Katrina



Exclusive Webcast:
The Havana Cuba
Press Conference

FCN, March 27, 2006

 



New refinery to turn long-time importer Cuba into oil exporter
By Carlos Batista
Updated May 14, 2007 - 1:48:00 PM

What's your opinion on this article?

 Printable page

HAVANA, Cuba (Caribbean Net News) - A modernized oil refinery is set to go on line in December 2007, official media reported, in a shift due to turn import-dependent Cuba into an oil exporter.

Overhauled with capital from a joint Venezuelan-Cuban company, the Cienfuegos refinery in south-central Cuba will meet the Caribbean country’s own demands, and earmark 9,000 barrels of gasoline a day for export, Venezuela’s communications and information ministry said in a release circulated here.

Vice President Carlos Lage confirmed the facility was set to start operations in December, the Juventud Rebelde newspaper reported.

Vice President Lage said the refinery would process 65,000 barrels per day of petroleum by late this year or early 2008, the paper said.

Cuban authorities in late March said Havana was optimistic and it could soon see a breakthrough in exploiting major oil reserves.

That could mark a sea of change that would see the cash-strapped regime become a flush energy exporter, with ample funding to perpetuate itself.

At the moment, Cuba gets cut-rate oil from Venezuela, its closest international ally and most important economic partner.

The Spanish multinational is just one of the firms elbowing in, along with Norsk Hydro, Canada’s Sherrit, Malaysia’s Petronas and India’s Videsh.

Cuba has divided its exclusive zone into 59 blocs for exploration and production, 16 of which are contracted out. Repsol has six, Sherrit and Petronas have four each, while Videsh has two.

Repsol in 2005 was the first to break ground in the area, but the company determined the crude it discovered was not commercially exploitable at that time.

In 2006, Cuba produced about 3.9 million tonnes of oil, seven times more than 1990 when the former East bloc collapsed, depriving Cuba of its long-accustomed supply of cut-rate Soviet crude.


 


FCN is a distributor (and not a publisher) of content supplied by third parties. Original content supplied by FCN and FinalCall.com News is Copyright 2009 FCN Publishing, FinalCall.com. Content supplied by third parties are the property of their respective owners.

Top of Page

World News
Latest Headlines
Israel must be punished for war crimes against Gaza: Iran
Israel’s latest genocidal assault against Palestinians is nothing new
Africa under ‘unprecedented’ pressure from rich countries over trade pact
Poll: White, rich fill Brazil World Cup stadiums
Fear of Islamic extremism on rise in Middle East—poll
U.S. Foreign Policy: What is the greatest threat of them all?
UN warns: Iraq and her children face humanitarian crisis
Iraqi leader says Islamic state threatens region
Palestinians demand justice and action