Chavez: Nationalisation agreements on schedule

Chavez: Nationalisation agreements on schedule
Published: 25 November 2008

President of Venezuela Hugo Chavez says Venezuela has settled its payment plan for a steel company nationalised in May and is making progress in other negotiations.

He did not disclosed the price decided for steel-maker Sidor, owned by Argentina’s Ternium SA.

Chavez says talks with Mexican cement giant Cemex for its Venezuelan subsidiary are ongoing. He says Cemex should expect less than its asking price because its plant will require investment to meet environmental standards.

Chavez says assets of Spanish-owned Bank of Venezuela have fallen dramatically in value since the financial crisis. He says Venezuela is studying the bank’s current value. It was nationalised in August. Chavez told reporters Monday that none of the negotiations have suffered delays.