Cuba needs foreign investment to increase drilling projects
- Submitted by: Juana
- Business and Economy
- 10 / 29 / 2015
Cuba’s Cupet Oil Company stressed the importance of attracting foreign investment to increase drilling projects and with it achieve larger oil production.
Few days before Havana´s International Trade Fair opens doors, the drilling director of the oil company, Rafael Tenreyro, said that nearly 50 international contracts has thus far been signed, which shows the high trust of foreign entrepreneurs in Cuba.
The official stressed the significance of joint oil exploration with foreign companies, since this way the country can contribute more fuel as the foreign partner brings fresh capital, modern technology and good practices.
Cuba is currently producing nearly 4 million tons of crude oil annually and maintains business accords with Canada, Venezuela, Angola, Russia, China and Vietnam.