Mexican companies look to invest in Cuba’s oil industry
Ever since a new reopening policy has been made public by Cuba, everybody wants to invest in all the island has to offer in many different aspects. Mexican and Yucatecan investors, for instance, have their eyes set on oil, hotels, transportation and the sale of produce, pasta and dairy.
The field is huge; there are economic opportunities for short, medium or long term investments. Beatriz Barreto Uzcategui, President of the Mexico-Cuba Business Binational Chamber, says that at least 40 companies in Mexico have shown an interest in investing in the island, in either the oil, tourism, agricultural, food or construction business.
Raul Castro’s government needs around $2 billion US dollars a year to reactivate the productive and social activity in the island. So far there are two Mexican companies that want to work in Cuba, with a vast experience in the oil business. Because of the drop in international oil prices, companies have seen a rise in the exploration and extraction costs of this hydrocarbon; still, the energy field in Cuba is fundamental.
The Geological Service of the United States estimated between 5 and 7,000 million barrels of oil are yet to be discovered within the island’s territory.
When dealing with Cuba, a country that has been 50 years under economic blockade, the best thing to do is look for investors that have a very high level of social responsibility. There already have been meetings with the Mexican companies that work in the oil business. Landing a project in Cuba may be difficult but there are no impediments for foreign investors.
A led lights plant installation is also on the works, for the renewable energy field.