HAVANA ā After upgradingĀ a Soviet-era refinery in Cienfuegos to convert Venezuelan oil shipments into refined products, Venezuela is allowing Cuba to take about half ofĀ their stake in the joint venture, according to Cuban officials. Ā
VenezuelanĀ President NicolasĀ Maduro remains one of Cuba's most faithful allies. After a conference in Turkey, he stopped in Havana Thursday, Venezuelan newspaper El Nacional reported. Ā
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Reuters reported the reason for the Venezuela-Cuba dissolution was likely because of a debt for professional services and the rental of tankers.
AfterĀ PDVSA, Venezuela's state-run oil company, reduced its shipments toĀ Cubapetroleo, Cuba's state-run oil company, Russia started to expand oil operations in Cuba.Ā Rosneft, Russia's state-run oil company, announced in OctoberĀ that there will be newĀ joint production projects.Ā
There are "prospects for cooperation in modernization of Cuban refinery Cienfuegos," a press release said.Ā
Cuba also reports oil-related partnerships with Australian Petro Australis' Melbana Energy and SINOPEC, the Chinese state oil company.Ā
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