China secures Cuba oil deal
Published:Thursday | November 25, 2010 | 11:55 AM
The China National Petroleum Corporation has struck a deal that could be worth as much as US$6 billion to expand an oil refinery in Cuba.
The refinery, jointly owned with Venezuela, is located in the Cuban coastal city of Cienfuegos and forms part of Havana's efforts to explore for offshore oil.
Analysts say China is taking another great leap forward in its energy plans for Latin America and the Caribbean.
In the past two years, China has financed energy projects and formed joint ventures in Venezuela, Brazil and Ecuador.
It has leased a petroleum storage facility on St Eustatius in the Dutch Caribbean and reportedly talked with the Texas-based refining giant Valero about buying its refinery on Aruba.