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CNPC and Cupet sign expanded oil cooperative
framework agreement
On June 5th in Havana, the capital of Cuba, witnessed by Raul Castro, president of Cuba's Council of State and the Council of Ministers and visiting Chinese Vice President Xi Jinping, CNPC President Jiang Jiemin and Cupet CEO Raul Perez signed an expanded cooperative framework agreement between the two state-owned oil companies and an MOU on cooperation in engineer construction.
According to the framework agreement and relevant documents, CNPC will make full use of its advantages in oil and gas exploration and development, oilfield services, engineering construction and materials & equipment to help Cuba reduce operation costs and raise crude oil output and recovery rates in some existing oilfields. Simultaneously, the cooperation in engineering construction can help facilitate Cuba's economic development and social progress. Also, CNPC will expand cooperation with Cupet in exploring and developing new onshore and offshore oil blocks in Cuba.
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