The Venezuelan Ambassador to Mexico, Trino Alcides Diaz, said President Hugo Chavez’s illness has delayed the government agenda a little, and dismissed misunderstandings with Cemex, as in 2008 most of the cement assets in Venezuela went to the government control and due indemnification was settled.
Cemex claims US$1.2bn as payments while Venezuela is offering US$600m, and due to discrepancies on figures Cemex presented its case in the World Bank arbitrage Ciadi.
By end Sep Lorenzo Zambrano, president director Cemex, says the company should raise US$1bn divesting non strategic assets by end 2012. For the current period the sales volume should up up 1% for cement and 5% for concrete. Investments in fixed assets would be U$470mil. Zambrano estimates for 2012 an EBITDA of US$4.5bn - US$5bn.
