Moscow and Havana discuss resumption of sugar-for-oil barter deal

May 12, 1999 02:00 AM

Russian and Cuban officials met in Moscow to discuss renewal of a sugar-for-oil barter deal and the prospects for improved trade ties on other fronts.
No word was available on the outcome of the talks, but the Russian Trade Ministry said in a statement on May 11 that the sugar-for-oil deal was important to both countries.The deal accounted for about 80 % of the $ 604.7 million worth of trade between Russia and Cuba last year. Moscow sent 840,000 tons of crude oil to Cuba in 1998, down from 2.1 mm tons in 1997, while Havana sent 1.5 mm tons of sugar to Russia last year, up from 1.2 mm tons the previous year.
The Russian Fuel and Energy Ministry said last month that it hoped to increase oil deliveries to Cuba in 1999. Fuel and Energy Minister Sergei Generalov told that Russian companies were due to send a total of 1.48 mm tons of crude oil to Cuba in the second quarter of this year alone, with 300,000 tons to come from Tyumenneft (TNK), 260,000 tons to come from LUKoil, 260,000 tons to come from Surgutneftegaz, 160,000 tons from Ritek, and more from Tatneft and the Nobel Oil joint venture. The Alfa-Eko and Mistko companies are co-ordinating shipments, he said.
Generalov also stated that Havana had been due to take delivery of 1.5 mm tons of Russian oil in the first quarter of 1999 but did not say whether this had actually happened.

Source: NewsBase
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