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VENEZUELAN ECONOMIC REVIEW

Cemex’s Expropriation

» Hugo Chávez continues his non-stop quest towards achieving the total control of the strategic sectors of the Venezuelan economy, by nationalizing Sidor, Banco de Venezuela the Orinoco Oil Belt associations, Cantv, the electricity companies, and most recently, the cement industry, represented mostly by three multinational companies: Lafarge (France), Holcim (Switzerland) and Cemex (Mexico). According to Fedecámaras VPres., Noel Alvarez, “Cemex’s nationalization nourishes the uncertainty and high risk faced by Venezuela, particularly due to the massive nationalization process initiated by the Government in 2007.” The Venezuelan Government will pay $267 MM for 89% of Lafarge shares, while the group will retain 11%, of which 5% are in the hands of minority stockholders.....

PDVSA Embargoed

International courts filed in favor of Exxon Mobil (EM) and ordered the freezing of $12.3 BB of Pdvsa’s assets throughout the world. EM has been demanding compensation from the Venezuelan Government since Hugo Chavez decided to nationalize the Orinoco Belt projects, and forced them to leave the Cerro Negro strategic association, in which it had 41.7% of the shares and the La Ceiba shared risks and profits exploration accord, in which it had 50%. EM’s original lawsuit had the intention of recovering the damage caused by the rupture in the Cerro Negro project agreements. EM took the case before the International Centre for Settlement of Investment Disputes (ICSID), which is based in Washington as part of the World Bank, since the Venezuelan Government claimed it would reimburse the companies, but only for the amount invested, and not for the project’s current market worth....

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Revista Económica Venezolana

The VER On Line team strives to satisfy strategic and financial information of our most varied clientele. Nevertheless, our efforts go further than just being a simple news provider. Our personnel analyzes and develops integral conclusions, in order to present the effects that the policies and strategies which run the society’s economic and financial dynamics.

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