Cuba invites Russian firms to explore off Cuba

Cuban Deputy Foreign Minister Eumelio Caballero, currently in Moscow on a state visit, has invited Russian oil and gas companies to undertake exploration off Cuba in the Gulf of Mexico.

Dec. 7, 2007

Eric Watkins
Senior Correspondent

LOS ANGELES, Dec. 7 -- Cuban Deputy Foreign Minister Eumelio Caballero, currently in Moscow on a state visit, has invited Russian oil and gas companies to undertake exploration off Cuba in the Gulf of Mexico.

"We are in contact with the Russian companies, and we hope that they participate in the prospecting for those deposits, in particular creating the necessary infrastructure," said Caballero.

He said Cuba is "open to cooperation" and that "favorable" political conditions on the island create "magnificent prospects" for Russian firms that participate in the project.

"Russia and Cuba have considerable prospects for increasing their bilateral economic and trade links,"" he said, adding that one of the most attractive and advantageous areas is energy cooperation.

Caballero noted that his country already has signed contracts with companies from Spain, Norway, Venezuela, and China who will participate in the exploration and exploitation of offshore petroleum deposits.