Russian President On Latin America Tour: Deepening Bonds
Russian President On Latin America Tour: Deepening Bonds
Russian President Vladimir Putin has indicated that he hopes the Russian oil company Rosneft will join hands with Cuban state oil company Cupet to commence with joint explorations of Cuba's potential offshore oil reserves in what he termed as the “very near future”.
The Russian president is on a 6 day trip to Latin America currently. Rosneft and another Russian state oil firm Zarubezhneft has agreed to enable Cupet to explore offshore in Cuba. Cuba currently has limited onshore production. It is reliant on Venezuela for oil imports.
Putin has also indicated that numerous Russian companies have evinced interest in doing business with the new SEZ that has come up in the Cuban port of Mariel near Havana. Cuba has been touted as the SEZ because it is crucial for development yet no foreign company so far has signed an agreement to operate here.
Russian President Putin arrived in Cuba on the 11th of July on the first stop of the Latin America tour which will also take him to Argentina and Brazil, according to Cuban media reports. Putin was welcomed at the Jose Marti International Airport in Havana by First Vice President Miguel Dianz-Canel along with Russian diplomats and other officials.
The visit is the second by Putin to the communist island in 14 years, according to media reports. He also engaged in official talks with Cuban President Raul Castro apart from meting the father of the Cuban Revolution, 87 year old Fidel Castro.
Moscow is now seeking to revive ties with the Cuban nation that has been struggling with US economic embargoes since the 1960s. Prior to the actual visit, the Russian President wrote off 90% of the Cuban Soviet-era debt of more than $30 billion.
Prior to boarding the plane to Cuba, Putin emphasised that he hoped to increase Russian investments in trade with Latin America. Putin visited Argentina on Saturday and attended the World Cup Final in Brazil on Sunday prior to participation in the BRICS summit.
With Brussels and Washington both upholding their resistance in the wake of the Ukrainian crisis, the Russian president has stepped out to look for better opportunities elsewhere. Cuba fits the bill in many ways. Cuban President Raul Castro welcomed his Russian counterpart and held official talks with him at the Palace of the Revolution in Havana.
Putin was also awarded the order of José Martí which the highest distinction in the country, established in 1972. The official talks focused on the development of economic and commercial links as well as investments and prospects for joint projects in areas such as civil aviation, health, energy and transport.
Special attention was given to scientific-technical as well as economic-commercial cooperation through the Intergovernmental Program adopted till 2020. With the Soviet-era allies joining hands, Russia can certainly hope to expand beyond the confines of an US and EU centric policy.
