Russian oil consortium in Venezuela to expand to Cuba
A Russian national oil consortium created to run oil projects in Venezuela will also cooperate with Cuba's state-run
oil company CubaPetroleo, a memorandum signed between the two companies stated. The deal was signed in the presence
of Russian Deputy Prime Minister Igor Sechin and Vice President of the Cuban Council of Ministers Ricardo
Cabrisas.
The oil and gas consortium of Russian companies to work in Venezuela, which was formed on October 8, 2008, includes
Gazprom, Rosneft, TNK-BP, Surgutneftegaz and LUKoil.
The consortium of Russian companies is operated by Gazprom, while control of the Russian-Venezuelan oil and gas
alliance is exercised by Venezuela's state-controlled Petroleos de Venezuela (PdVSA). Oil to be produced by the
consortium will be exported to the United States, China and Europe.
CubaPetroleo announced in October last year that Cuba may have more than 20 bn barrels of oil in its offshore fields.
Cuba currently produces 60,000 barrels of oil per day.
