Cuba Repeals Old Oil Laws to Attract Foreign Investment

Amid a deep energy crisis and tightening US sanctions, Cuba repealed its oil laws of 1938 and 1959, creating a new legal framework to facilitate foreign investment in the hydrocarbon sector.

In order to deal with the deep energy crisis in the midst of the intensifying US blockade, Cuba provided a new legal framework to facilitate the attraction of foreign investment in the hydrocarbon sector by canceling the oil laws approved in 1938 and 1959.