As a result of the Tenth Meeting of the Intergovernmental Commission of Integral Cooperation Agreement Cuba-Venezuela, held in Havana, Cuba, delegations from both countries signed a memorandum of understanding to the establishment of a joint venture aimed at the primary activities in the hydrocarbons within the enclosed area of mature fields.

According to the signed document, these activities may be implemented in accordance with the terms and conditions set forth in the Agreement of the National Assembly, the National Executive Power decree authorizing the creation of the Joint Venture and the decree which transfers to the Joint Venture the right to exercise the primary activity in this area, as specified by the legal regime of oil in Venezuela.

Similarly, the Intergovernmental Commission authorized the change of name and purpose of the joint venture established in Cuba PDVCUPET S,A in April 2006 between Commercial Cupet, S,A, and PDVSA Cuba S,A. Henceforth the company will be named CUVENPETROL, S,A. and shall pursue the development and operation of the system of petroleum refining, liquefied natural gas (LNG) and compressed natural gas in the Republic of Cuba.

The operation of Cuvenpetrol S,A also includes the development in the Republic of Cuba expansion projects Refinery "Camilo Cienfuegos", design development and construction of facilities for the regasification plant of Liquefied Natural Gas (LNG), construction of a new refinery in Matanzas and expansion of the refinery Hermanos Diaz.

Tags: PDVSA