Venezuela VP Hopes for deal this year over seized Cemex unit

Venezuela VP Hopes for deal this year over seized Cemex unit
Published: 07 November 2008

Venezuelan Vice President Ramon Carrizales said Thursday that the government hopes to reach a deal with Cemex this year over the company’s compensation for its seized local unit.

"We’ve made progress" in the negotiations with Cemex, Carrizales told Dow Jones Newswires. "We hope to reach an agreement this year," he added.

"We’re still discussing the price," said Carrizales, who has been overseeing the negotiations with the cement company.

Cemex’s Venezuelan unit was seized in August as the company failed to reach a deal with the government over its compensation. President Hugo Chavez announced the nationalization of the cement industry in April.