Commodities, Emerging Markets, Energy, Frontier Markets

Russia, Cuba Preparing For “Serious, Large-Scale” Projects In Energy, Aviation

CubaRussia and Cuba are preparing for “serious and large-scale” joint projects in energy and civil aviation sectors, Russian Foreign Minister Sergei Lavrov said on Tuesday following a meeting with Cuba’s President of the State Council Raul Castro, Russian media reports.

The two nations are also considering the launch of a “very serious” program to modernize Cuba’s power plants, Lavrov said.

“In line with instructions given by the heads of our states, our government agencies will most certainly prepare rather large-scale and serious projects in the areas of  energy, transportation and civil infrastructure sectors, as well as in the areas of biotechnology, pharmaceutics, healthcare and civil aviation,” Lavrov said.

Russian authorities had previously announced that Russia and Cuba, together with the United Arab Emirates, were in talks to jointly construct a major international transport hub in the Caribbean country.

The transport hub would be built on the grounds of a former military base and would help to boost other infrastructure projects in the region, the director of the Russian Foreign Ministry’s Latin American department, Alexander Schetinin, said earlier in March.

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