• Submitted by: admin
• Havana
• international
• South America
• Business and Economy
• 04 / 13 / 2010

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Cuba and Venezuela will jointly develop four oil fields in eastern Venezuela, the Venezuelan publication 2001 said.

The Venezuelan National Assembly last week gave its blessing to a joint venture between Corporación Nacional de Petróleo, a branch of PDVSA, and Cuba's Comercial Cupet.

For the next 25 years, the new company may carry out exploration, extraction, collection, transportation and storage  of crude oil in the states of Anzoátegui and Monagas. It must then sell to PDVSA "all the crude oil and associated natural gas that it produces and does not consume," the pact says.

Venezuela and Cuba already have joint control over the Camilo Cienfuegos refinery in south-central Cuba.

In 2008, Caracas sent to Havana 115,000 barrels a day of crude oil and derivatives, according to PDVSA.

Not coincidentally, President Raúl Castro met on Sunday with Rafael Ramírez Carreño, the Venezuelan Energy and Oil Minister and president of PDVSA. Ramírez spent two days last week meeting with Vice President Ricardo Cabrisas Ruiz, the daily Granma reported.

By  Renato Pérez Pizarro.

Source: The Miami Herald