Rose Petroleum subsidiary advances to Cuba deal talks

Rose Petroleum said wholly owned subsidiary Rose Gypsum Ltd has been selected to exclusively proceed into the detailed negotiations phase of a gypsum contract in Cuba.

The negotiation process, which followed the tender round, would be exclusively between Empresa Materiales De Construccion Ciego de Avila (EMC) and and Rose Gypsum. There was no guarantee a deal would be completed.

"If Rose Gypsum is successful in completing the deal, it would become the sole manufacturer of gypsum related products operating in Cuba," the company said in a statement.

"Rose Gypsum will be well positioned to meet the domestic demand in these products, driven by the significant growth in tourism and construction. This opportunity will be further enhanced by any future lifting of current trade embargoes."

At 12:10 BST, shares in Rose Petroleum were up 11.11% to 0.15p.