• Submitted by: manso
• Editorial Articles
• 10 / 25 / 2010

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Sunday, October 24, 2010 3:53 PM (Source: Info-Prod Research (Middle East))tracking According to ACN: The process of drilling and extracting oil in Cuba is seriously affected by the United States economic, financial and commercial blockade which prevents Cuba from having access to the most advanced technologies in this field.

Machinery, equipment or products with high percentage of components made by U.S. companies or their subsidiaries can not be sold to Cuba, hence the need to purchase them in farther markets which increases costs. General Director of the Oil Drilling and Extraction of the West Enterprise (EPEPO), Joel Pumariega told ACN that this unjust measure causes Cuba to disburse large amounts of money on the purchase of a product for the separation of water from crude oil.

Cuba used to buy that product from a Canadian company, but this one was bought by a US enterprise and therefore the sales were stopped. Its use in the industry is critical and influences the cost per ton of oil, he said. For Cuban facilities to obtain a similar product must buy it from distant markets, with the consequent delay in time, since this product is only bought when need it and in the exact amounts, he explained.

Cuba is then forced to buy these equipments in third countries, where banks include the Cuba Risk factor in the loans, resulting in an increase. Next October 26 Cuba will introduce a resolution at the United Nations demanding the immediate end of the US economic war against it that has already cost it some 750 billion dollars in almost half a century.

Originally published by Info-Prod Strategic Business Information. (c) 2010 Info-Prod Research (Middle East). Provided by ProQuest LLC. A service of YellowBrix, Inc.

Source: /www.istockanalyst.com/article/viewiStockNews/articleid/4606970