ADVERTISEMENT

Venezuela to nationalize cement firms

Food

Venezuela’s nationalization policy has now moved to the cement sector, with a government decree effective Thursday that requires cement plants six months to transfer a 60% stake to the state.

The nationalization of three foreign-owned companies - Mexico’s Cemex SAB, France’s Lafarge SA and Switzerland’s Holcim Ltd - as well as their affiliates was announced in April. They would become Venezuelan state companies. “We are going to pay the investors who were here,” said Chavez Thursday, implying that the companies would be compensated for their losses.

In April, when Chavez announced the nationalization, he said the country needs cement to help confront a housing shortage, to build house for the poor. During an event Thursday with Paraguayan President-elect Fernando Lugo, Chavez also suggested that Venezuela and Paraguay launch a joint cement company Venezuela produced 10.2 million tons of cement in 2007.

Last year, socialist Chavez took majority control of the country’s largest telecommunications and electricity companies, and of oil projects previously run by some of the world’s largest oil companies. He has since ordered the nationalization of Venezuela’s largest steel maker, Argentina’s Ternium SA. (m&c.com)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.