Cuba Business

Russia to set up joint venture in Cuba for electric plant in Mariel

Posted March 10, 2010 by publisher in Cuba Business.

Rob Sequin | Havana Journal

The Russian news agency Itar-Tass is reporting that a Russian electricity company, RAO UES, will begin business operations in Cuba.

The Russian company will form a joint venture with Cuban government owned Union Electrica in order to upgrade and expand the Maximo Gomez Thermal Power Plant in Mariel as well as to construct new electricity generation facilities.

The 600 megawatt power plant in Mariel is vital to the Cuban economy and to the ongoing construction of new port facilities there.

This Russian-Cuban joint venture will upgrade four existing 100 megawatt power plants and will construct two more. Russia will bring its power generation, construction and energy management expertise to the joint venture. No financial terms were disclosed.

The mission of RAO UES is to organize cross-border deliveries of electricity, provide it to consumers in Russia and abroad, make effective investments, and expand the range of services provided.

Brazil is currently working to design and build a world class shipping port in the city of Mariel, west of Havana.

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