Russia to help Cuba with oil projects

[Joanne98]

MOSCOW (AP) — Leading Russian oil companies pledged to help Cubapetroleo with prospecting, production, refining and other aspects of the oil industry under an agreement signed in Moscow on Friday before Cuban President Raul Castro's visit next week, Russian news agencies reported.

The memorandum of understanding calls for cooperation on activities "from geological work to drilling, refining and sales" of oil, ITAR-Tass and Interfax quoted Deputy Prime Minister Igor Sechin, a point man for the economic side of Russia's renewed push for influence in Latin America, as saying.

He said contracts for the development of Cuba's oil industry would be drafted, and specified that "there are good prospects for the development of sea terminals," the reports said. He said Russians will train Cubans for oil industry work, according to Interfax.

The memorandum was signed by representatives of Cubapetroleo and a Russian consortium comprising Gazprom Neft, TNK-BP, Zarubezhneft, Rosneft and Surgutneftegaz, Sechin said.

He said the agreement does not bar individual Russian and Cuban oil companies from working together, and that companies from other Latin American countries could also cooperate.

The Soviet Union provided billions of dollars in trade and annual subsidies to its Communist ally Cuba before the 1991 Soviet collapse. The Kremlin has moved to rebuild old ties with Cuba and Nicaragua, and cultivate new friends such as Venezuela, to flex its muscles close to the United States.

On Thursday, ITAR-Tass quoted Raul Castro as saying in an interview that Russia and Cuba enjoy "wonderful relations" again, after a pause in the 1990s.

http://www.google.com/hostednews/ap/article/ALeqM5jq0BAGxJ1rQELSgq8JXZeXyKV_bAD95T3BB81

And that explains this....

Cuba revokes Canadian oil producer's contract

CALGARY, Alberta, Jan 23 (Reuters) - Pebercan Inc (PBC.TO), a Canadian company that produces oil in Cuba, said on Friday that Cuba's national oil company has revoked its production-sharing contract and will pay the Montreal-based firm $140 million.

Pebercan did not say why Cubapetroleo SA, or Cupet, had revoked the 16-year-old agreement, which was to expire in 2018.

Pebercan had rights to the Canasi, Seboruco and Santa Cruz concessions located between Havana and Matanzas on Cuba's north coast. Output from the fields was 18,245 barrels per day in the third quarter and all the oil was sold to the Cuban government.

http://www.reuters.com/article/rbssEnergyNews/idUSN2332957920090123

[dipsydoodle]

1. The break with Pebercan could possibly be

due to fact that Pebercan has ownership relationships with US companies :shrug: Follow the paths by Googling Petroban

Exploration around Cuba seems to have been Pebercan's sole reason for being.

edit - direct Google link corrupts so removed.

[Joanne98]

4. It's possible. The timing is funny though!

[.... callchet ....]

2. President Clinton tried to be President of the World.

I was upset when he was worrying about other countries. Guess what, we need a President of the world and I hope Obama does it. He wants to talk to everybody and I think that mature attitude will save the world from itself.

[Doctor Cynic]

3. At least it's not missile projects this time.