Venezuelan parliament approves partnership with state oil companies from Cuba and Angola

7 December 2010

Caracas, Venezuela, 7 Dec – The Venezuelan parliament approved the establishment of an oil partnership between Venezuela, Cuba and Angola, news agency Prensa Latina reported.

The partnership will include state companies Petróleos de Venezuela (Pdvsa), Cuba’s Unión Cuba-Petróleo (Cupet) and Angola’s Sociedade Nacional de Petróleos de Angola (Sonangol).

Under the terms of the partnership, the Venezuelan company will have a 60 percent stake and the remaining 40 percent will be equally shared by the Cuban and Angolan companies.

The business plan for the new company, which will operate for 25 years, is focused on prospecting for oil and gas in the Venezuelan state of Anzoategui. (macauhub)