Mexico has been cementing its status as the leading foreign investor in Cuba. Mexpetrol, a joint venture of Pemex, Mexico's state-owned oil company, and several private industrial and engineering companies, has purchased a 49% holding in the Cienfuegos refinery in Cuba. The Mexicans have made a $200 million investment with Cuba's oil company, Cupep. The infusion of capital is aimed at modernizing the refinery in order to allow Cuba to earn hard currency by exporting oil.

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