Cuba, Russia Sign Oil Exploration Agreements

11-05-2009

In Havana on Wednesday, Cuban and Russian officials signed four international economic association contracts for hydrocarbons exploration and exploitation in discoveries that might be made north of the central and western part of the country.

These documents were signed by Nikolai Bunich, director of the oil company Zarubezeneft, and Fidel Rivero, director of the Cuban Petroleum Union, in the presence of Basic Industries Minister Yadira Garcia and Ivan S. Materov, vice minister for industry and trade of the Russian Federation.

The initial investigation work and subsequent drilling and exploration will be carried out in four blocks located in northern Sancti Spiritus, Ciego de Avila, Villa Clara, and Matanzas, and both sides agreed to begin as soon as possible, once the timetable has been defined. Sources from the Basic Industries Ministry commented that they include Petro Vietnam, Petrobras (from Brazil), and PDVSA (from Venezuela).

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