Cemex seeks talks with Venezuela govt over cement industry nationalisation

Cemex seeks talks with Venezuela govt over cement industry nationalisation
Published: 08 April 2008

Cemex said Monday it’s open to dialogue with authorities in Venezuela, where the government plans to take control of the cement industry.

In a statement, Cemex confirmed that Venezuelan officials intend to take controlling stakes - of at least 60% - in private cement companies operating in the South American country.

Company officials met Monday with Venezuelan Energy Minister Rafael Ramirez and other ministers to discuss the decision, announced last Thursday by President Hugo Chavez.

Cemex said Ramirez explained that other options may be considered in a period of negotiation. It added that the company "expresses its willingness to engage in a dialogue with the authorities to find a mutually satisfactory solution."

Cemex said it will continue to operate normally in Venezuela during that period and "is confident that it has the support of authorities to guarantee the safety of its personnel and the integrity of its facilities."