Havana, July 30 (Xinhua) Russia has provided a $150-million loan to Cuba and signed pacts with the Caribbean nation for oil exploration in the Gulf of Mexico, a media report said.

The money will be provided in instalments over two years, the Itar-Tass news agency reported.

The agreements signed between Cuba's state-owned firm Cubapetroleo and Russia's Zarubezhneft company will allow the firms to jointly explore crude oil off the coast of Cuba.

Russian Vice President Igor Sechin and Cuban Vice President Ricardo Cabrisas participated in the signing ceremony.

A Russian business delegation headed by Igor Sechin arrived in Havana Tuesday and is expected to visit Venezuela and Nicaragua after meeting the Cuban leaders.