June 7, 2006
Venezuela and Cuba in oil technology deal

(AFX Europe) - "Venezuela has agreed to share technology with Cuba for oil exploration, production and refining, Venezuela's state oil company said.

Intevep, the research arm of state-run Petróleos de Venezuela SA, signed the agreement, which includes projects to increase Cuban oil production, improve the quality of its fuels and optimize its refineries, a company statement said.

Intevep will work with Cuba's Ceinpet petroleum research center.

President Hugo Chávez and Cuba's Fidel Castro are close allies and have struck a series of agreements. Venezuela currently ships 98,000 barrels a day of oil to Cuba under preferential payment terms, and plans to revamp Cuba 's Cienfuegos oil refinery".