Cuban Oil Business: Legal Frame



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Even when Cuba lacks a current specific legislation oil, oil activities are governed by the constitutional and common law in force in the Republic of Cuba, mainly:

-Constitution of the Republic, which establishes the state, imprescriptible and inalienable ownership, on hydrocarbons     in the national territory and the exercise of sovereignty over them in the Exclusive Economic Zone.

-Foreign Investment Law, which establishes the main principles for the processing and execution of foreign investment businesses in Cuba.

-Civil Code and Commercial Code of the Republic of Cuba, regulators of the universe of commercial legal relations in the Cuban society.

-Tax System Act, which sets the tax system applicable to national and foreign legal entities conducting operations in Cuba or obtain income from Cuban source.

-Environment Act and National Defense Act, which establish the policy and obligations for the environmental preservation and the compatibility of oil activities with the interests of defense.

-Regulations of those laws.

-Administrative technical rule enacted by the regulatory authorities of the oil and environmental management.

At present, the evaluation of a specific legal framework for the oil activity is being prepared.

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