Venezuela Oil Min: some cement companies agree to JVs with state

Venezuela Oil Min: some cement companies agree to JVs with state
01 May 2008

Venezuela has offered foreign cement companies subject to nationalisation the chance to form joint ventures with the state, and "some of them" have agreed to do it, Venezuelan Oil Minister Rafael Ramirez said Wednesday.
The government continues to talk to cement companies weeks after President Hugo Chavez announced he was nationalizing the entire industry, which is dominated by Cemex, Lafarge and Holcim Ltd.
"Some of them have said they want to stay (in joint ventures). We’re looking to see which would be our best partner for these activities," Ramirez said.
So far, the minister said, the government hasn’t decided yet how it will go about paying for these assets. As part of the process of acquiring these assets, Venezuela could choose to make an offer for the outstanding shares of these cement companies listed on the local Caracas stock exchange, the minister noted, but no final decision has been made.
Venezuela’s government made public offers for the outstanding shares of electricity company Electricidad de Caracas and telecommunications company CA Nacional Telefonos de Venezuela last year as part of the nationalization process.
Published under Cement News