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Venezuela pulls out of joint venture with Cuba in oil refinery

Russia steps in to fill Venezuelan gap in Cuba's oil industry

HAVANA – After upgrading a Soviet-era refinery in Cienfuegos to convert Venezuelan oil shipments into refined products, Venezuela is allowing Cuba to take about half of their stake in the joint venture, according to Cuban officials.  

Venezuelan President Nicolas Maduro remains one of Cuba's most faithful allies. After a conference in Turkey, he stopped in Havana Thursday, Venezuelan newspaper El Nacional reported.  

Reuters reported the reason for the Venezuela-Cuba dissolution was likely because of a debt for professional services and the rental of tankers.

After PDVSA, Venezuela's state-run oil company, reduced its shipments to Cubapetroleo, Cuba's state-run oil company, Russia started to expand oil operations in Cuba. Rosneft, Russia's state-run oil company, announced in October that there will be new joint production projects. 

There are "prospects for cooperation in modernization of Cuban refinery Cienfuegos," a press release said

Cuba also reports oil-related partnerships with Australian Petro Australis' Melbana Energy and SINOPEC, the Chinese state oil company. 

 


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