Watching the World: Cuba si, Yanquis no

Venezuelan state oil company Petroleos de Venezuela SA (PDVSA) has formed a joint venture with Cuba’s Cupet to revamp the unfinished Cienfuegos refinery.“The initial investment will approximately be between $800 million and $1 billion in shared costs,” said Adan Chavez, Venezuela’s ambassador in Cuba. Cupet will hold a 51% stake in the JV and PDVSA the remaining 49%.The 76,000 b/d, Cienfuegos refinery was built in the years of Soviet influence over Cuba, but the Soviet Union collapsed before the facility became operational.PDVSA also will supply the refinery with crude and other products needed for its “optimum performance,” while products manufactured ...

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