PDVSA, Cuba Set up Joint Venture
Venezuela´s state-run PDVSA oil company and Cuba´s CUPET firm have opened a joint venture to reenergize a refinery in the south central Cuban province of Cienfuegos.
The joint group PDV-CUPET S.A. came after a letter of intempt was signed on April 28, 2005, under the Bolivarian Alternative for the Americas, spearheaded by Venezuelan President Hugo Chavez, Granama daily recalls on Tuesday.
The social goal of the new enterprise is to refine hydrocarbons, manufacture products and purchase, store, process, distribute and market inside and outside of Cuba.
Sea, river and land transport of oil and by-products through ships is also envisaged.
The daily said that Cuba possesses 51 percent of the shares and Venezuela, 49 percent.
Seeking to fulfil its objectives, the PDV-CUPET S.A. will sign with the PDVSA an agreement to supply crude and products for the optimum functioning of the Cienfuegos refinery, which will be rebuilt soon.
Both parties ratified their will to strengthen bilateral energy cooperation in hydrocarbons based on the principles of equality and mutual reciprocity.
Cuban President Fidel Castro and Venezuelan Energy and Oil Minister Rafael Ramires, president of the PDVSA, were present in the signing of the deal at the Revolution Palace in Havana.
The joint group PDV-CUPET S.A. came after a letter of intempt was signed on April 28, 2005, under the Bolivarian Alternative for the Americas, spearheaded by Venezuelan President Hugo Chavez, Granama daily recalls on Tuesday.
The social goal of the new enterprise is to refine hydrocarbons, manufacture products and purchase, store, process, distribute and market inside and outside of Cuba.
Sea, river and land transport of oil and by-products through ships is also envisaged.
The daily said that Cuba possesses 51 percent of the shares and Venezuela, 49 percent.
Seeking to fulfil its objectives, the PDV-CUPET S.A. will sign with the PDVSA an agreement to supply crude and products for the optimum functioning of the Cienfuegos refinery, which will be rebuilt soon.
Both parties ratified their will to strengthen bilateral energy cooperation in hydrocarbons based on the principles of equality and mutual reciprocity.
Cuban President Fidel Castro and Venezuelan Energy and Oil Minister Rafael Ramires, president of the PDVSA, were present in the signing of the deal at the Revolution Palace in Havana.
posted by Alice at
Tuesday, April 11, 2006
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