CUBA - State-run Vietnam National Oil and Gas Group, or PetroVietnam, and Russia's Zarubezhneft Co. have signed an memorandum of understanding on oil and gas exploration offshore Cuba, a PetroVietnam official said Monday.

PANAMA CITY, - The Panama Canal Authority (ACP) reached a critical milestone for the Canal Expansion Program moving ahead on time and on budget. Culminating months of arduous work, the ACP received Grupo Unidos por el Canal's (GUPC) performance and payment bonds and signed the contract. Today, ACP Executive Manager and Locks Project Management Division and Contracting Officer Jorge de la Guardia issued the Notice to Commence work slated for August 25, 2009.

PANAMA - In this crisis context, Panama Canal project is moving forward, while others big construction projects are being delayed or even cancelled.

“This is a financial crisis, and there has been a decline in ship traffic, but we are very much on time and on target,” said Panama Canal Authority chief executive Alberto Aleman, addressing rumors that the global recession could cause the project to miss its 2014 scheduled completion date.

CUBA - Brazil said today it would give Cuba up to $300 million in credits to start rebuilding the island's port of Mariel. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be, as Brazil strengthens its ties with Cuba.