Havana invites U.S. executives to fight embargo invest in CU energy sector

[Mika]

Havana invites U.S. executives to fight embargo, invest in Cuba's energy sector
http://www.newspress.com/Top/Article/article.jsp?Section=WORLD&ID=564676019442026730
February 3, 2006 2:24 PM

Cuban officials invited U.S. corporations Friday to lobby against the U.S. trade embargo and invest in the communist nation's energy sector, as they announced plans to double their drilling capacity and explore for oil in the island's Caribbean waters.

In the first private-sector oil summit between the two countries, executives from U.S. giants like Exxon Mobil Corp., Caterpillar Inc. and Valero Energy Corp. were meeting with Cuban government officials in Mexico City this week to learn about Cuba's potentially lucrative oil reserves.
''We would be happy if North American companies also participated in future projects,'' said Raul Perez de Prado, Cuba's vice minister of basic industry.

U.S. executives should work to ''eliminate the absurd barriers that today limit'' investment, Perez de Prado said, referring to the 45-year-old U.S. trade embargo designed to undermine Fidel Castro's communist government.
In the two years since petroleum deposits were found off its coast, Cuba has inked exploration deals with Canadian, Chinese, Indian and Norwegian firms.

But U.S. corporations, their hands tied by the embargo, have been forced to watch the flurry of activity taking place less than 60 miles off the coast of Florida.
This week's gathering could be ''a watershed moment'' that ushers in a change in U.S. policy, said Jonathan Benjamin-Alvarado, a political scientist at the University of Nebraska, Omaha, who studies the Cuban energy sector.

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Cuba Invites U.S. Cos. to Fight Embargo
http://news.moneycentral.msn.com/provider/providerarticle.asp?Feed=AP&Date=20060203&ID=5467782

Cuban officials invited U.S. corporations Friday to lobby against the U.S. trade embargo and invest in the communist nation's energy sector, as they announced plans to double their drilling capacity and explore for oil in the island's Caribbean waters.

In the first private-sector oil summit between the two countries, executives from U.S. giants like ExxonMobil Corp., Caterpillar Inc. and Valero Energy Corp. were meeting with Cuban officials in Mexico City this week to learn about Cuba's potentially lucrative oil reserves.

"We would be happy if North American companies also participated in future projects," said Raul Perez de Prado, Cuba's vice minister of basic industry.

U.S. executives should work to "eliminate the absurd barriers that today limit" investment, Perez de Prado said, referring to the 45-year-old U.S. trade embargo designed to undermine Fidel Castro's communist government.

[sasha031]

1. would this really be good for Cuba?

allowing ExxonMobil Corp., Caterpillar Inc. and Valero Energy Corp. in there country's?

I am not an expert on Cuba but wasn't the revolution about getting rid of capitalism? I don't understand,whereas Latin America is finally winning some battles.
I fear for the people and the environment if Exxon ever got in there, they will never be able to get rid of them.
Again I am not an expert, all I know is what I have read.
I think oil has been a curse to the people and the planet.

[Mika]

2. The revolution was about regaining sovereignty for themselves.

The Cuban government will only work with corporations on Cuba's terms (meaning that any and all operations will be joint ventures and that Cuba owns at least 51% and all construction).

This how Cuba developed their drug,tourism, and all other industries. Cuba owns the majority share.

If the corporations don't want to work on those terms then they can get lost.

[sasha031]

3. but to ever trust Exxon

why not have Venezuela help explore for oil(if that is what they really want to do)

I have become so spooked by our corporations, I would love to see all of Latin America able to turn their backs on our rendition of doing business.
but what do I know:shrug:


:tinfoilhat: an after thought, how safe would Cuba be from the US, if it they discovered oil. They are already beating and have been beating the war drums against Chavez,
oil can be a curse for a sovereign nation.

[Mika]

4. Cuba is part of the Axis of Good

The US would be the pariah of the world if it attacked Cuba. Many nations do business with the Cuban government/people and an attack would just not be acceptable. It is well understood that Cuba is a peaceful nation. Businesses operate under Cuban law, and they still do quite well.

Look at the good that oil income has done in Venezuela under the Bolivarian revolution, Cuba could do even more with some oil income. Cuba has made friends with most nations on earth while at the same time the US has run roughshod over its alliances.

[MissWaverly]

5. Let's try to get oil from our neighbors thru investing in their

future and ours, this is where we should be focused.

[Mika]

6. Why not "let's try to wean off of oil as an investment in our future".

That is where WE should be focused.

:hi:

[MissWaverly]

7. Heck, I agree, but it's not going to happen overnight

right now, there is very little being done, even Jimmy Carter pointed out that during his
administration that the govt. forced cars to get 27 mph, but now with Reaganomics and Bushco, cars get an average of 12-20 mph, that's one way to turn this around.