Venezuela’s public works and housing ministry (Mopvi) will build a cement plant in the northeast of Monagas state with the support of Iranian firm Ehdasse Sanat Corporation, state-owned news service ABN reported.
Venezuelan and Iranian authorities signed an agreement on November 24 to build and operate the cement firm, which will be controlled by Venezuela’s Cerro Azul cement company and the Iranian firm.
The plant will be purchased by Mopvi, which will transfer Cerro Azul’s shares to state-owned cement firm Corporación Socialista del Cemento.
Once operative, the plant will create 700 direct jobs. The release did not specify how much cement the facility will be able to produce.