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USA eases sanctions on Cuba



The country’s government hopes to benefit on foreign oil companies.



19.Oct.16 3:01 PM
By Alesya Davydova
Photo Toinnov.com

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USA eases sanctions on Cuba

U.S. president Barak Obama issued a policy directive on easing sanctions on Cuba and normalizing relations between the two countries. Oilprice.com reminds that the embargo on the nation has been in place since the Kennedy Administration.

The directive states that “Cuba is not a member of international financial institutions (IFIs), such as the International Monetary Fund, the World Bank, and the Inter-American Development Bank, which could provide expertise and potentially finance economic reforms and viable investment projects.”

The implementation of the directive will not only normalize relations between the U.S. and Cuba but will also stimulate a large number of foreign investors to take part in the local economy. Peter Strickland, the CEO of MEO Australia said that the change could give his company access to his counterparts in the U.S. with energy expertise.

“The ongoing easing of U.S. Government restrictions on business dealings with Cuba is clearly a positive step for MEO considering the Company’s Block 9 PSC project and other potential business activities in Cuba, - Strickland commented in a press release. - While these changes will need to be understood in detail, the allowance for U.S. companies to provide services related to Cuban infrastructure is potentially directionally significant for MEO’s advancement of Block 9, given the prominent role oil and gas play in both public transport and electricity generation in Cuba.”




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