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Billion peso investment in Cuban energy and mines

Cuba planta NiquelCuba is set to invest more than one billion pesos – a slightly larger figure than last year – in its energy and mining sectors, reported Deputy Minister of the sector, Ru bén Cid.

Speaking to the press, the official from the Ministry of Energy and Mines noted that investments in 2015 amounted to around one billion pesos, representing 94.9% fulfillment of the scheduled plan. He described 2015 as a good year for activities in the sector, which saw key industries achieve high levels of production.

He noted that the only sectors in which targets failed to be met were oil refining, and gold and salt extraction.
The deputy minister noted greater stability in the supply of imported resources for daily operations, the fulfillment of scheduled maintenance works and investments in various industries, as the keys to last year’s success.

Despite financial difficulties and organization problems, the country spent a total of 900 million pesos on imports, he stated.
Cid also highlighted the impact on exports stemming from a fall in international prices for some of the country’s key products, such as nickel.

Over 2015, nickel was valued at an average price of $11,835 dollars to the ton, with reference to the London Metal Exchange.
However, a drop in prices meant that barely 55% of the sales plan was met, he explained.

Among scheduled investments for 2016 are those linked with renewable energy, the oil sector, energy efficiency in the nickel industry, improvements to the national electricity system and household electrification.

(Prensa Latina)

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