|
Joint venture to reactivate Cienfuegos refinery
WITH the signing today of an
association agreement and the complementary
documents, the PDV-CUPET Ltd joint venture to
reactivate the oil refinery in the province of
Cienfuegos has been constituted.
The oil companies PDVSA of
Venezuela and CUPET of Cuba authorized the
formalization of the agreement to their respective
subsidiaries PDVSA CUBA and Comercial CUPET, thus
fulfilling the letter of intent signed on April 28,
2005 under the Bolivarian Alternative for the
Americas, an initiative of Presidents Hugo Chávez of
the Bolivarian Republic of Venezuela and Fidel
Castro of Cuba.
The social objective of this
enterprise is the refining of hydrocarbons and
manufacture of products; the buying, storing,
processing, distribution of hydrocarbons and their
derivatives within Cuba and abroad; the
transportation of oil and its derivatives by sea,
river and land within and outside of Cuban territory
via cargo boats under its ownership or chartered for
the purpose.
The venture is based on the Cuban
party owning 51% of the assets and the Venezuelan
party 49%.
To guarantee the objectives of
the PDV-CUPET Company an agreement is to be signed
with PDVSA to supply crude and other products
required for the optimum functioning of the
Cienfuegos refinery, which is to immediately undergo
a rehabilitation process.
The two sides have affirmed that
this agreement is a demonstration of interest in
extending and consolidating bilateral energy
cooperation in the hydrocarbons sector, based on the
principles of equality and reciprocal benefit.
The signing took place in the
Palace of the Revolution in the presence of
President Fidel Castro and Rafael Ramírez, minister
of energy and oil of the Bolivarian Republic of
Venezuela and president of PDVSA.
City of Havana, April 10, 2006.
|
