Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • Israeli navy attacks Hamas base as tanks line up along Gaza border

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Iraqi parliament resumes session on key appointments

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

Business

Cuba and Russia sign first post-Soviet oil deal

©

Text by News Wires

Latest update : 2009-11-04

Cuba and Russia have signed an agreement to allow Russian state oil company Zarubezhneft to explore for and produce oil in Cuba in their first post-Soviet oil pact. Both countries have made a push to revive ties in recent months.

AFP - Cuba and Russia signed an agreement Monday to allow Russian state oil company Zarubezhneft to explore for and produce oil in Cuba in their first post-Soviet oil pact.
  
"The contracts that were signed are tremendously important for Russia and Cuba, since they will guarantee cooperation over the next 25 years," said Nikolai Brunich, a Zarubezhneft official after inking the deal with the head of Cuba's state oil company Cubapetroleo (CUPET), Fidel Rivero.
  
Cuban authorities announced in October 2008 that Cuba had crude reserves of 21 billion barrels -- more than double previous estimates.
  
A major Cuban oil find would be a tropical Cinderella story for the only communist country in the Americas.
  
An oil importer that relies heavily on oil-rich Venezuela for economic and political support, Cuba's communist regime would be able to sustain itself indefinitely if it were to become energy independent.
  
The country's centrally planned economy is frail, and its population of over 11 million is eager for economic progress after surviving dire economic hardship since 1990.
  
Zarubezhneft is among those eyeing Cuba's economic zone in the Gulf of Mexico.
  
At least seven foreign companies -- from Spain, India, Norway, Malaysia, Vietnam, Venezuela and Brazil -- are currently working in the zone under contract. US firms are sidelined by the US economic embargo on Cuba, in place since 1962.
  
Moscow was Havana's main sponsor in the Soviet era, but relations between the two countries stalled after the collapse of the former Soviet Union in 1991.
  
But both countries have made a push to revive ties in recent months with Russian President Dmitry Medvedev visiting Havana last year and Cuban President Raul Castro traveling to Moscow in January.

Date created : 2009-11-04

  • MARKETS

    Oil hits 12-month high of $79 a barrel

    Read more

  • TRADE

    Russia and China sign deals to tune of 3.5 billion dollars

    Read more

  • DIPLOMACY

    Russia, China to sign deals on missiles and high-speed trains

    Read more

Comments

COMMENT(S)