RUSSIAN OIL PROJECT IN CUBA.

Upon their return from Havana, Russian officials said that Russia and Cuba have set up a joint venture to develop oil transport and refining in Cuba. The venture is to be capitalized on a parity basis and will supply equipment for the uncompleted Cienfuegos and Santiago de Cuba and refineries, whose annual processing capacity is projected at 3 million and 2 million tons, respectively. The joint venture will also be involved in completing the construction in Cuba of a 67-kilometer long pipeline with a throughput capacity of 3 million tons annually. The state company Zarubezhneftstroy will be responsible on the Russian side. (4)

The equipment and pipeline are intended as part of completing and upgrading the two refineries. But the cost of the entire project, estimated at $100 million, may well be beyond Russia’s means at the present time.

Alpha Unit To Be Rebased Near North Caucasus.