Cuba Oil Law Takes Effect 19 October for Foreign Firms
Cuba’s new oil and gas law, published on Monday, lets foreign firms explore under contracts of up to 40 years from 19 October. US firms stay barred. The post Cuba Oil Law Takes Effect 19 October for Foreign Firms appeared first on The Rio Times .
Cuba's new oil and gas law, which came into effect on October 19, allows foreign companies to explore and produce under contracts lasting up to 40 years. The United States embargo prohibits American firms from participating in the law. Published in the Gaceta Oficial on Monday, October 12, the Decree-Law 135 "On Oil and Gas" and its implementing regulation replace outdated statutes from 1938 and 1959.
The law targets companies from other countries as Cuba grapples with a fuel shortage and the US has seized cargoes bound for the island.
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