HAVANA - CHINA signed a letter of intent to refurbish a Cuban oil refinery and agreed to give new credit and start drawing up a five-year cooperation plan between the two communist-run countries in accords signed on Sunday during a visit by Chinese Vice-President Xi Jinping.The agreement on the refinery was the first official word on a project first reported by Reuters in November that is expected to cost US$6 billion (S$7.36 billion) and would be a significant step forward in budding Cuba-Chinese economic relations.">HAVANA - CHINA signed a letter of intent to refurbish a Cuban oil refinery and agreed to give new credit and start drawing up a five-year cooperation plan between the two communist-run countries in accords signed on Sunday during a visit by Chinese Vice-President Xi Jinping.The agreement on the refinery was the first official word on a project first reported by Reuters in November that is expected to cost US$6 billion (S$7.36 billion) and would be a significant step forward in budding Cuba-Chinese economic relations.">

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China signs letter of intent to redo Cuba refinery

HAVANA - CHINA signed a letter of intent to refurbish a Cuban oil refinery and agreed to give new credit and start drawing up a five-year cooperation plan between the two communist-run countries in accords signed on Sunday during a visit by Chinese Vice-President Xi Jinping.

The agreement on the refinery was the first official word on a project first reported by Reuters in November that is expected to cost US$6 billion (S$7.36 billion) and would be a significant step forward in budding Cuba-Chinese economic relations.

The signing of the accords followed talks between Mr Xi and Cuban President Raul Castro on Mr Xi's second day in Cuba after arriving on Saturday from Italy.

Mr Xi is widely expected to succeed Chinese President Hu Jintao in 2013.

Few details about the credit and other agreements were available. China is Cuba's second largest trading partner, behind Venezuela, with trade last year totalling US$1.83 billion, according to official Chinese news agency Xinhua.

The refinery letter of intent is an agreement among Cuvenpetrol, which is a joint venture between Cuba and Venezuela, China National Petroleum Corp's Huanqiu Contracting and Engineering unit and the Italian unit of French oilfield service company Technip to finalise a contract to expand and improve a Soviet era refinery in Cienfuegos on Cuba's southern coast. -- REUTERS

source: http://www.straitstimes.com/BreakingNews/World/Story/STIStory_676708.html

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