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Economy / Cuba

Repsol's Exit A Blow To Cuba's Economic Prospects

June 2012 | Economic Analysis

We believe Repsol's recent exit from Cuba is a blow to the island's hopes of energy self-sufficiency. Cuba relies heavily on Venezuelan oil imports, and while there is still the possibility that other investors step in to finance deepwater exploration around the island, the outlook is not very promising. Moreover, with Repsol's exit goes the hope of adding dynamism to the Cuban economy amid a dying sugar sector, and a tourism sector that is not growing fast enough.

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