Aim-listed natural resources company Rose Petroleum has raised £800,000 to fund expansion into Cuba.
The company is looking for ways to bolster its business following the downturn in the oil price which has slumped by around 60 per cent since mid-2014.
The company has held talks with a Cuban government owned company to process and manufacture building materials.
“The overall economic and political changes afoot in Cuba present a significant opportunity, with direct foreign investment now being a priority to realise the anticipated growth,” said Rose chief executive Matthew Idiens.
“In the tourism industry alone the planned expansion of hotel developments from both domestic and international brands is considerable.”
International investment in Cuba is expected to increase after the US restored diplomatic relations last year. There remain however some restrictions on travelling and trading.
Yesterday, for the first time in 50 years, a US cruise ship docked in the Cuban capital, Havana.