Gazprom Neft seals Cuba deal

A boy attends a ceremony to mark the 54th anniversary of the Cuban Revolution in Camaguey, Cuba, Thursday, July 26, 2007. Castro told tens of thousands of loyalists that the country suffered a serious blow when his brother Fidel fell ill a year ago, but that the chaos that the U.S. had long predicted never materialized. (AP Photo/Javier Galeano)

Done deal: for Gazprom in Cuba

Javier Galeano

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By News Wires

 01 August 2011 12:50 GMT

Gazprom Neft, the oil arm of Russian giant Gazprom, said today it has signed a product-sharing contract on four blocks in the Gulf of Mexico off Cuba with Malaysian state-owned player Petronas and Cubapetroleo (Cupet), the Cuban national oil company.



Following the signing, Gazprom Neft becomes a party in the contract and acquires 30% stake in the project, while Petronas retains 70% in the project.

Prior to the agreement Petronas had a 100% stake in the project.

The parties signed the initial farm-out agreement in October last year.

"This partnership with Petronas will help Gazprom Neft to enforce its competence in the sphere of deep-water development and expand its expertise in projects outside of Russia," Reuters quoted Alexander Dyukov, chairman of Gazprom Neft management board as saying.

Apart from Cuba, Gazprom Neft participates…

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