Business news

The Canadian conglomerate that part-owns and operates nickel mines and electricity generators in Cuba has just announced an unexpected 39 per cent drop in profits for the latest quarter.

It seems Sherritt International Corp – a long term business partner of the Castro regime - has been hurt by weaker nickel prices, rising costs and maintenance problems.

The company also said that it has abandoned its four offshore oil concessions in Cuba, a move that may surprise those of you who can recall the great media excitement surrounding the original announcement in Havana about the concessions not all that long ago.

Sherritt's chief executive, Jowdat Waheed, told the media that the group had given up its offshore oil exploration blocks in the Cuban section of the Gulf of Mexico due to “the inability to attract a partner”.

And in any case, he said, the company's seismic testing to date “did not make a case for drilling”.

“Given the seismic that we shot, we don't feel that spending $150 million at this time is merited," Mr Waheed said.

In other words, no oil.