OREANDA-NEWS. November 25, 2009. In Havana the General Director of JSC “Zarubezhneft” N.G. Brunich and the General Director of the state company “Cubapetroleo” (Cupet) Fidel Rivero Prieto signed four geologic exploration and oil field development contracts in four blocks in Cuba (9, 12 - on shore, L, III – offshore). The signing took place during the 27th International Fair that was held in Havana and coincided with “The day of Russia”. The Minister of Basic Industries of the Republic of Cuba Yadira Garcia Vera, the ambassador of the Russian Federation in Cuba M.V. Kamynin and other officials that arrived to the fair took part in the signing ceremony.

The contracts on the basis of Production Sharing Agreement are effective till 2034. It is planned to hold a joint meeting of the Parties till the end of November in order to confirm 2010 Work program and Budget.

In the near future a representative office of JSC “Zarubezhneft” will be opened in Havana.

Earlier on “Zarubezhneft” and the Cuban party signed a contract on supply of equipment of Russian production for the needs of Cuban oil industry. In addition, the Parties should agree upon the 2010-2011 supply plan.

The Parties intend to develop cooperation further on. By now the contract of oil recovery enhancement at the Cuban oil field “Boca de Jaruco” is prepared. For the realization of this contract “Zarubezhneft” plans to involve its subsidiary company JSC “RMNTK “Nefteotdacha”.

Moreover, during the visit of the delegation of “Zarubezhneft” to Cuba, meetings with the Minister of Basic Industries of the Republic of Cuba Yadira Garcia Vera and the top-management of

“Cubapetroleo” were held. Among the themes of discussion were measures of entrance of “Zarubezhneft” into the joint project of Oil and Gas Group “Petrovietnam” and “Cubapetroleo” of offshore blocks development in the Gulf of Mexico.

As it is known in Soviet times “Zarubezhneft” successfully worked in Cuba and now almost 20 years on the company came back to Cuba what means the beginning of a new stage in the activity of “Zarubezhneft”. This event, doubtless, has a historical meaning for Russia because long-term contracts in oil and gas sphere haven’t been signed with Cuba for more than 20 years.