Venezuela President Hugo Chavez said he’ll proceed with the nationalisation of his country’s cement industry, and has given Cemex, Lafarge and Holcim until Tuesday to comply, Bloomberg News reported.
Chavez has initiated a mammoth nationalisation drive, which has included joint oil ventures, a steel mill, cement companies and one of the country’s largest banks. It could cost the government more than $11bn, Ecoanalitica, a Caracas-based research firm, said.
The three companies have been given the deadline to agree on a price for their operations and to decide whether they will remain in the country as minority partners, Bloomberg reported.
Chavez said Venezuela needs control over the cement industry to construct thousands of houses and carry out infrastructure projects, Bloomberg said.