22/04/14 – Sidor and Venalum Ink new deals under Joint China Venezuela Fund

Mr Jose David Cabello industry minister of Venezuela said that the country’s Sidor and Venalum have signed new agreements under the Joint China and Venezuela Fund.

Mr Cabello said that the Venezuelan government is working to put the productive system into overdrive. We’re going to sign contracts to improve production.

Both Sidor and Venalum are subsidiaries of the state owned industrial conglomerate, Corporacion Venezolana de Guayana. Sidor is Venezuela’s largest steel producer, while Venalum is CVG’s aluminium producing arm. Both companies have entered into agreements with China’s Minmetals Corporation one of the largest metals companies in the world.

Mr Cabello said that the deals with Minmetals illustrate the Venezuelan government’s commitment to reviving the country’s industrial sector. The government has invested more than US1.1 billion in basic industries.

Mr Carlos Osorio head of CVG said that deals with Minmetals will allow the state owned companies to diversify their production. The government and state enterprises aim to promote national development policies based on strategic alliances with countries such as China.

Source – VenezuelAnalysis.com, SteelGuru.com