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Rose Petroleum PLC

Rose set for negotiations for gypsum venture in Cuba

“I am looking forward to the next phase of the negotiations and hope that we can conclude a successful transaction," said chief executive Matt Idiens.

gypsum-panel.jpg
It could become the sole domestic supplier of gypsum products

Rose Petroleum PLC (LON:ROSE) has revealed that its diversification efforts are making progress, with the company being invited to negotiate for a gypsum venture in Cuba.

The company, in a statement, told investors that the Rose Gypsum subsidiary has been participating in a competitive and exhaustive tender process for an opportunity to manufacture calcined gypsum, interior panels, ceiling panels and other gypsum based materials.

That process is now moving on to a phase of detailed negotiations.

Whilst at this stage there can be no guarantee that a deal will be completed, Rose described getting this far as a “very significant achievement and milestone” or the company in Cuba.

If it successfully lands the contract the company would become the sole gypsum related products operating in Cuba, and would be well positioned to meet domestic which is being driven by the significant increase in tourism into Cuba.

Matt Idiens, Rose chief executive, said: "I am delighted with the progress we have made and I'm extremely excited about the opportunity we have to be involved in the rapidly expanding construction industry in Cuba and the redevelopment of the country.

“I am looking forward to the next phase of the negotiations and hope that we can conclude a successful transaction.

"With all the ongoing turmoil in both Europe and the oil market, I believe this opportunity would add significant value to our asset portfolio."

Quick facts: Rose Petroleum PLC

Price: £0.02

Market: AIM
Market Cap: £2.78 m
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