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Sherritt Extracts One-Third of the Oil Cuba Produces

Canadian company Sherritt International Corporation, the largest direct investor in Cuba, currently extracts about a third of the oil produced by this island, according to company president and CEO David Pathe.


3 de marzo de 2017 - Taken from Prensa Latina

Canadian company Sherritt International Corporation, the largest direct investor in Cuba, currently extracts about a third of the oil produced by this island, according to company president and CEO David Pathe.

It also generates 15 percent of the energy available on the grid through Energas S.A., a tripartite enterprise integrated by Sherritt, the Cuba-Petroleum Union (Cupet) and the Electricity Union, Pathe said in a press interview.

The executive made a recount of the company he runs, which has operated in Cuba since the 1990s, maintains the world's leading operational leadership in the production of finished nickel from laterites, and in 2017 is 90 years old. Founded.

He highlighted the possibilities of the technology used by the company, horizontal directional drilling, which allows excavation from the ground to the deep-sea bed.

According to Pathe, hundreds of wells have been drilled through this technique in Cuba in cooperation with Cupet. At the moment, the company works in Block 10, one of the 45 that divides the oil strip that extends by the North zone, 200 kilometers from Havana to the East.

Sherritt International Corporation, which operates actively in the mining and energy sector, has a payroll of approximately 2,500 Cubans, including companies under joint venture agreements with partners on the island.

Investments in this sector include a joint venture that produces annually more than 33 thousand tons of nickel and not less than three thousand cobalt, the participation of a third party in a risk energy with a production capacity of 506 megawatts, and another oil tanker that Extracts 15 thousand barrels of that fuel daily.

According to Pathe, despite the impact of the steady reduction in raw material prices, the company achieves important milestones that position it well for the future.

Notwithstanding the volatility of the market for these products, I think we can say that the world enters 2017 with more optimism about the prices compared to those existing in early 2016, he said.


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