(4 Oct 2019) Russian Prime Minister Dmitry Medvedev received an honorary degree from the University of Havana on Friday, a recognition that comes as commercial ties between Cuba and its former sponsor grow.
The Russian government says trade between the two countries is expected to reach 500 million US dollars in 2019.
Russia has offered credits and financing for an energy project in the seaside town of Jaruco, approximately 30 kilometers (20 miles) east of Havana.
The joint Russia-Cuba venture will have three well sites, extracting oil using new methods to pump the fuel from existing fields.
Cuba produces about 42,000 barrels of oil a day, but it has a daily deficit of 62,000 barrels that is filled primarily by Venezuela, also a close partner of Russia.
Cuba is also receiving train locomotives, trucks and cars from Russia to shore up its transportation sector.
The island expects to finalize a multi-billion dollar project with Russia to restore its decrepit rail lines by the end of the year.
Russia is one of Cuba’s most important trade partners, after Venezuela, China, Spain and Canada.
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/1ec774f3eb954d80a00fe2d5ac47a592