November
12, 2003
CVG,
PDVSA approved 15 joint projects for US$486mn
(Business News Americas) - "Venezuela's
state heavy industry conglomerate CVG and its
oil counterpart PDVSA have approved 15 projects
in the iron ore and aluminum sectors, requiring
joint investment of US$486mn, a CVG spokesperson
said. The projects are oriented to fortify the
import substitution scheme, the national production
system, generate employment and develop industrial
technologies with less impact on the environment,
the spokesperson said.
The investment is part of
an agreement unveiled by the two companies in
June 2003 to promote the exchange of raw materials
and technology. The deal guarantees that PDVSA
supplies fuels and lubricants to state-owned iron
ore miner Ferrominera Orinoco and natural gas
to the aluminum sectors and caustic soda to stateowned
bauxite-alumina producer Bauxilum. It also supplies
pet coke for the production of anodes in the aluminum
industry".
