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HAVANA, February 9. /TASS/. The Cuba Oil & Gas 2017 forum that opened in the Cuban capital city of Havana on Wednesday has brought together delegates from about 70 companies from 15 world nations, including Russia, China, Italy, France and the United Kingdom, Prensa Latina said.
The two-day forum will center round investment possibilities of the local oil industry and prospecting projects, according to Paola Galanti, international business director at International Research Networks, a co-organizer of the forum along with Cuba’s state oil company Cupet.
Among advantages of investing in Cuba’s oil sector, the Cuban side cites complete government support, big experience in working with foreign partners, availability of highly qualified personnel, vast prospecting areas both off the island’s northern coast and in the exclusive economic zone in the Gulf of Mexico.
Cuba’s Deputy Minister of Energy and Mines Ruben Cid, who presented basic guidelines for the development of Cuba’s energy sector, said that his country "attaches significance to all energy sources and their rational use in the interests of energy independence."
Currently, Cuba produces about four million tonnes of oil equivalent hydrocarbons as year, which are used for electricity generation.