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Posted May 19, 2003 by publisher in Business In Cuba

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National News Agency CUBA (AIN)

Matanzas | Cuban Vice-president Carlos Lage inaugurated a new plant generator of electricity in the Oil Distributor Enterprise in Matanzas, an investment that will allow to save over US$ 1 million 400,000 annually.

When talking to the workers, Lage said that all the electricity of the nation is already produced with Cuban oil. The current consumption of Cuban electric plants includes 92 percent of crude and natural gas from the national hydrocarbon deposits, and eight percent of fuel oil produced by national refineries.

That allows to save half of foreign currency that would have been necessary to invest if that electricity would be generated with imported oil.
The high prices of oil in the world, impose great limitations that the nation is facing with ideas to save and rationalize, besides investments to reduce spends, Lage stated.

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