Cuba shows huge loss in the energy sector

By Rumi Samuel Published on April 07, 2021
Cuba shows huge loss in the energy sector

The Ministry of Economy and Planning (MEP) explained on its Twitter account that in the case of the Union Electrica Business Group, the damages exceed 16 million dollars.

The actions of the United States blockade against Cuba have affected the development of the Energy and Mining sector with losses estimated at 125,282,000 dollars from 2019 to 2020, the MEP reported on Tuesday.

In the case of the joint venture Moa Nickel S.A., its exports were affected by 7.58 million dollars.

The firm stopped producing 700 tons of mixed nickel and cobalt sulfides in 2019 due to shortages in fuel supplies.

The MEP tweeted, one of the elements that severely influenced the company's products and services is that the main manufacturers of equipment and spare parts for the production process suspended their relations with the Group.

The Ministry pointed out that this is due to the US commercial, financial, and economic blockade imposed for almost six decades against Cuba.

Rumi Samuel

Rumi Samuel

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