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Rosneft in Talks to Expand Oil Operations in Cuba
Rosneft in Talks to Expand Oil Operations in Cuba

Rosneft in Talks to Expand Oil Operations in Cuba

Rosneft in Talks to Expand Oil Operations in Cuba

Russian oil major Rosneft said on Saturday it was looking to expand cooperation with Cuba and Chief Executive Igor Sechin had discussed the issue with a visiting delegation that included Cuba’s Energy Minister Alfredo Lopez.

Russia already supplies some oil and oil products to Cuba, and Rosneft said in a statement the two men discussed increasing deliveries, joint extraction projects and possible cooperation to modernize Cuba’s Cienfuegos Oil Refinery, Reuters reported.

Russia earlier this year began shipping large quantities of oil to Cuba for the first time this century, sources said in May, as supplies to the island from crisis-torn Venezuela have dwindled.

Cuba had relied on Venezuela, an OPEC member, for about 70% of its fuel needs, including oil for refining and reexports. But socialist Venezuela’s subsidized shipments have fallen by as much as 40% since 2014 and Cuba is looking for new suppliers to help mitigate electricity and fuel rationing to state companies.

Rosneft said in May it had signed an agreement with Cuba’s state-run Cubametals to supply 250,000 tons of oil and diesel fuel.

According to Rosneft’s CEO, the state-owned company is also aiming to boost oil supplies to China to 13 million tons per year with a possibility of increasing them further to 18 million tons.

The 18-million-ton annual target would be equal to 36,000 bpd.  Its crude oil shipments to China via Kazakhstan are expected to reach 10 million tons this year.

The Russian company has gradually boosted its deliveries to China and this year it is expected to deliver a record high 800,000 bpd.

 

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