Cuba Business

Venezuela and Cuba to invest one billion dollars in Cuban oil refineries

Posted October 29, 2008 by publisher in Cuba Business.

Venezuela and Cuba are to invest thousand million dollars to take the island’s refining capacity to about 350,000 bpd of oil by 2012, said on Tuesday the Cuban media.

Cuban Minister of Basic Industry Yadira García gave the news, although falling oil prices could curb Venezuela’s plans to build a dozen refineries in the region.

Venezuela’s investments are expected to take priority in Cuba, where the refining capacity totals 130,000 bpd, according to local experts.

García said that both countries wish to build a new refinery in Matanzas and expand the facilities that they jointly operate in the port city of Cienfuegos. In addition, there are plans to double the capacity of another refinery in Santiago de Cuba.

The Cienfuegos refinery opened at the end of 2007 and is currently producing 65,000 bpd.

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