China National Petroleum Corp has won a bid to expand a Cuban oil refinery in a deal that could be worth as much as $6bn, making it one of the communist island’s largest investments to date.
The refinery, jointly owned by state-owned Cubapetroleo (CUPET) and Venezuela’s Petroleos de Venezuela (PDVSA) is located in central Cienfuegos province on Cuba’s southern coast and forms part of Havana’s efforts to explore for offshore oil.
The refinery will be expanded from its current 65,000 barrels a day capacity to 150,000 b/d and will eventually include a petrochemical complex and a liquefied natural gas terminal.
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