Thursday, December 09, 2010

South Africa could invest in Cuban oil: report

South Africa could invest in Cuban oil: report
07 December, 2010 06:07:00

IRJ – Dec. 7 – South African firms could head across the Atlantic Ocean
to help develop Cuba's energy sector, according to a report released today.

A delegation of 50 South African business leaders are in the Caribbean
nation as South African President Jacob Zuma is paying Cuba a state
visit, and according to Cuba's state news agency Prensa Latina, South
Africa's Minister of Industry and Trade Robert Davies said his nation's
entrepreneurs are interested in developing Cuba's oil and renewable
energy sectors.

Cuba relies heavily on Venezuelan imports for its oil needs, and holds
some 178.9 million barrels of proved reserves of oil. However, the
country has been subject to a trade embargo by the United States since
1961, eliminating a crucial potential investor in its oil – and one who
lives just next door.

Davies also expressed interest in South African investment in other
Cuban industries, such as mining, tourism and construction.

Cuba's Minister for Foreign Trade and Investment, Rodrigo Malmierca,
praised South Africa's economy and said he would like a greater South
African presence in the Cuban economy, according to the report.

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