Russian oil company OAO Lukoil is pondering whether to invest in the construction of new refineries in Cuba, a Russian economy ministry official told news agency RIA-Novosti.The company is also investigating whether to get involved in offshore drilling in Cuba, according to the same source.Two years ago, Lukoil decided not to invest in the reactivation and expansion of a refinery in Cienfuegos. Cuba eventually partnered with Venezuelan state oil company PdVSA in the Cienfuegos project.">Russian oil company OAO Lukoil is pondering whether to invest in the construction of new refineries in Cuba, a Russian economy ministry official told news agency RIA-Novosti.The company is also investigating whether to get involved in offshore drilling in Cuba, according to the same source.Two years ago, Lukoil decided not to invest in the reactivation and expansion of a refinery in Cienfuegos. Cuba eventually partnered with Venezuelan state oil company PdVSA in the Cienfuegos project.">

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Russian oil company OAO Lukoil is pondering whether to invest in the construction of new refineries in Cuba, a Russian economy ministry official told news agency RIA-Novosti.

The company is also investigating whether to get involved in offshore drilling in Cuba, according to the same source.

Two years ago, Lukoil decided not to invest in the reactivation and expansion of a refinery in Cienfuegos. Cuba eventually partnered with Venezuelan state oil company PdVSA in the Cienfuegos project. A subsidiary of Chinese state oil company CNPC reportedly agreed in November to build a $6 billion expansion. Meanwhile, Cuba and Venezuela are planning to build a new refinery at Matanzas and refurbishing an existing one in Santiago.

The official also said that Russian companies are studying shipbuilding and assembly of offshore drilling platforms in Cuba.

Meanwhile, another Russian company, Nafta-Sintez, is about to sign a contract to investigate the processing of heavy oil in Cuba, the official said.

All these projects require a “correct financial policy” and support from the Russian government, the official said.

Lukoil, according to Spanish news agency efe, did not comment on the official’s statements. The company has said previously it could build a refinery in a third country in Latin America if it reaches an agreement with PdVSA.

Source: www.cubastandard.com/2010/12/27/lukoil-pondering-refinery-investment/


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