Venezuela: Cemex fears nationalisation spree

Venezuela: Cemex fears nationalisation spree
Published: 30 August 2007

The single mention of President Hugo Chavez in his Sunday radio program of eventual environmental problems in a cement plant of Cemex at Pertigalete (Anzoatyegui) was enough for a spokesperson at Monterrey (Mexico) to jump ahead stating over the last five years the filial has invested Bs$45bn in environmental technology. Jorge Perez stressed the company is ready to present any information required by Venezuelan authorities. Chavez`s talk was interpreted as threat to Cemex, that immediately stated the Venezuelan operations are not meant to grow, however, 4% of its overall cement sales originate in Venezuela. Early this month the Venezuelan government has took over the control of Cemento Andino accused of not securing the supply to the domestic market, looking instead to sell production abroad.