Chinese oil firm signs accord with Cupet.Chinese oil and gas conglomerate conglomerate, in businessconglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. Sinopec Corp. has signed an accord with Cuba's state-run Cubapetroleo (Cupet) to jointly produce oil, reports the Communist daily Granma. "A joint production contract has been signed for one of the potential petroleum producing zones of the country," said the statement, without elaborating. A source within Cupet told Reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. that the production area was on the coast of western Pinar del Rio Pinar del Rio, city, Cuba Pinar del Rio, city (1994 est. pop. 118,000), capital of Pinar del Rio prov., W Cuba. It is linked by rail and highway to Havana and is the center of a road network running through the province. province and not in deep offshore Cuban waters of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , where Repsol-YPF and other multinationals are interested in exploring for light oil. In addition to Sinopec, China's No. 2 oil and gas company, Cupet has also been talking with China National Petroleum Corp. as well as China National Offshore Oil Corp. In November, China's state-owned Minmetals Corp. signed an agreement to invest $500 million in the production of 68,000 tons a year of ferronickel in eastern Cuba. |
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