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News from the Caribbean as of
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Venezuela, Cuba in joint venture to modernise Cienfuegos refinery
Wednesday, April 12, 2006
HAVANA, Cuba (AFP): Cuba and Venezuela have launched a new company to get Cuba's out-of-order Soviet-technology oil refinery in Cienfuegos back in operation, the Communist Party newspaper Granma reported Tuesday.
President Fidel Castro inked the deal Monday at the Palace of the Revolution with the head of Venezuela's state-owned oil company PDVSA, Rafael Ramirez.
The new joint venture, PDV-CUPET SA, will refine and manufacture petroleum products, operate storage and market oil derivatives in Cuba and abroad, according to a statement published by the paper.
Venezuelan President Hugo Chavez is Castro's closest international ally. Caracas keeps the Cuban economy afloat by selling Cuba 90,000 barrels of oil a day on preferential terms.
The Cienfuegos refinery was completed in 1990 but ground to a halt shortly after opening because of its high fuel consumption and the end of supplies to Cuba of cut-rate Soviet oil.
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