Russia and Cuba signed a preliminary agreement on Russian oil company Zarubezhneft's operations in Cuba's exclusive economic zone in the Gulf of Mexico, RIA-Novosti news agency reports Wednesday.
The agreement was signed in the course of a working visit to Havana by Russian Deputy Prime Minister Igor Sechin Tuesday.
"We consider that an outcome of this cooperation will be new opportunities both for Cuba as well as Zarubezhneft," said Sechin, who met with Cuban President Raul Castro and other officials during his visit.
Russia will also grant a $150 million loan for two years to Cuba to finance deliveries of Russian construction and agricultural machinery and equipment.