Canadian
firm to invest in Cuba
Trinidad Express
Port
Spain
Petroleumworldtt.com
06 24 07
HAVANA-Canada's Sherritt International Corp.
says it plans to invest US$1.25 billion in Cuba
over the next two years, bolstering its position
in the island's
oil, natural gas, electricity and nickel and cobalt mining sectors.
"Cuba is one of our favorite places to work," Sherritt
President Ian Delaney said during an event marking
the expansion of the Energas natural gas plant,
30 miles (50 kilometers) east of Havana, which
his company manages jointly with state-owned Cuba
Petroleo.
Delaney did not specify what the new investments
will be used for, saying only they will go toward
a variety of projects. Sherritt is among the largest
foreign investors in Cuba.
Acting President Raul Castro and Vice President
Carlos Lage were among those at the ceremony. Lage
said Cuba plans to erect 39 oil exploration wells
this year, 26 of which will include investment
from foreign firms.
Washington's 45-year-old embargo against Cuba
bans American tourists from visiting the island
and chokes off most trade between the two countries.
Cuba plans offshore drilling for oil and natural
gas close to the coast of Florida, and proposals
in the US Congress would ease restrictions to allow
American firms to invest in the island's exploration
efforts. Those measures have not been approved,
however.
Trinidad
Express
Wednesday, June 20th 2007
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©2007 Trinidad Express. All Rights Reserved.
