CUBA Market News - Page 2 of 4

Motembo, Politically Strategic Oil for Cuba
August 11, 2016
An Australian company, Meo Australia, may have found 8 billion barrels of oil in Cuba – and then again it may not have. Found in Motembo, the “potential” resource could sustain the country for roughly 7 years, but would not be available for extraction until 2018. It may be politically strategic, however, to begin receiving […]
France to fund development projects in Cuba
August 6, 2016
An agreement signed between the Cuban Foreign Trade and Investment Minister and the French Ambassador will fund multiple infrastructure projects in Cuba. The newly opened French Development Agency in Cuba will support renewable energy projects, as well as tourism, transport, and agribusiness, among others. A US$258 million fund is part of a deal to renegotiate […]
Cuba sees tourism rise, French will renovate Havana airport
August 3, 2016
More visitors flocking to Cuba in the post-sanctions era threatens the Caribbean island’s infrastructure just as it also risks losing subsidized oil from Venezuela. An agreement with the new French Development Agency in Cuba will help to renovate the Jose Marti airport in Havana. Concessions, announced on Wednesday, will be given to Aeroports de Paris, […]
Economists debate how hard Venezuelan economic storm will hit Cuba
August 2, 2016
Cuban reliance on Venezuelan crude oil is now being challenged, as the Latin American neighbor drops oil production below 2 million barrels per day (bpd). Cuba produces 50,000 bpd itself and has stockpiled a 60-day supply on the island; however, the Caribbean island will still have to cut fuel consumption by 28 percent in the […]
Cuba eyes India help to kick start sugar mills
July 20, 2016
As sanctions from the former U.S. embargo lift, Cuba has high hopes for trade and information sharing with India. Sugar is one of Cuba’s key commodities and a partnership with India could lead to the modernization of some of the 160 sugar mills that were in operation before the embargo. Indian Prime Minister Narendra Modi will […]
Siemens signs energy cooperation agreement with Cuban utility
July 20, 2016
An ongoing partnership between Siemens AG and the Cuba will grow further with a new plan to modernize the energy infrastructure of the country. A Memorandum of Understanding (MoU) between the German company and the Unión Eléctrica (UNE) gives Siemens the opportunity to work on projects in the field of of power generation, transmission and […]
Cuban-Venezuelan oil refinery at Cienfuegos to be partially shut
July 16, 2016
Closures at the Cuban-Venezuelan Cienfuegos oil refinery will mean cuts in electricity and fuel for Cuban residents, in the second half of 2016. The 65,000 barrels-per-day refinery will be partially shut for 120 days this year due to maintenance; it is currently running at its minimum output capacity of 50,000 bpd. General manager for PDVSA […]
Cuba promotes investments for energy saving
July 15, 2016
According to Minister of Energy and Mines, Alfredo Lopez, Cuba is promoting strategic investments to increase the use of renewable energy sources and fuels saving. Según el Ministro de Energía y Minas, Alfredo López, Cuba impulsa estratégicas inversiones para incrementar el uso de fuentes renovables de energía y el ahorro de combustibles.
Venezuela’s energy woes spread to Cuba
July 10, 2016
Long-time trade partners, Venezuela and Cuba, are struggling to maintain a 15-year relationship that provided oil assistance to Cuba. While Cuba improves relations with the United States, it is also experiencing the fallout from Venezuela’s economic decline. Venezuela’s state-run oil firm PDVSA has slashed exports to Cuba this year; the Caribbean island has received 53,500 […]