Venezuela and Cuba Expand Oil Cooperation

The governments of Cuba and Venezuela have signed an agreement to re-open a Cuban oil refinery in Cienfuegos and use it to refine Venezuelan oil.

Voice of America and the BBC reported that the two nations plan to split ownership of the refinery’s assets and that re-opening the refinery will require an investment of up to one billion dollars. The BBC article indicated that Venezuela plans to supply 70,000 unrefined barrels of oil to the refinery after it is re-opened.

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