Venezuela: Venezuela's President Hugo Chávez has authorised the transfer of US$10m to build a new quarry to help stimulate cement production in the country. The executive also greenlighted a measure to change local cement firm Cemex Venezuela's name to Venezolana de Cementos, as well as measures to develop and strengthen the firm.
The Venezuelan government nationalised Cemex Venezuela, formerly operated by Mexican cement maker Cemex in August 2008. The Mexican firm received US$600m in compensation in 2011.
Chávez also said that future investments for the cement sector would aim to develop relevant technology, perform environmental impact studies and improve benefits for cement workers.