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Page added on July 30, 2009

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Russia seals Cuba deal over Gulf of Mexico oil

HAVANA – Russia and Cuba signed agreements to search for oil in the Gulf of Mexico, and Moscow extended the island $150 million in credit for construction materials and farm machinery, state media said Wednesday.

The credit will give Cuba more time to pay for Russian equipment shipped to areas most affected by three hurricanes that caused more than $10 billion in damage last summer.

Russian Deputy Prime Minister Igor Sechin signed the agreement, according to the Cuban government’s AIN news agency. Russian media reported that Sechin met with Cuban President Raul Castro, but Cuba’s press did not mention a meeting.

The four accords with oil monopoly Cubapetroleo will let Russian concern Zarubezhneft explore for crude in deep waters off Cuba’s coast, though details were sparse.

AP



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