New Cuban oil and gas regulations officially take effect, expanding participation of private enterprises and foreign investors.

On October 19 local time, Cuba's new regulations for the oil and gas industry officially took effect, further expanding the scope of participation by domestic private enterprises and foreign investors in the oil and gas industry and providing a legal basis for expanding the development of oil and gas resources. The new regulations include Cuba's Decree No. 135 on Oil and Gas and its supporting implementing Decree No. 184, which were published in Cuba's Official Gazette on October 12. Under the new rules, Cuba further relaxes access restrictions in the oil and gas industry, allowing eligible domestic and foreign enterprises and individuals to participate in activities such as oil and gas exploration, extraction, refining, transportation, storage, and sales. However, relevant business activities must still obtain licenses in accordance with the law. Underground oil and gas resources in Cuba continue to be owned by the entire people, and the state reserves the right of first purchase of the oil and gas needed to safeguard energy security.