Venezuela’s Basic Industries and Mining Minister Victor Alvarez Saturday announced that Caracas and Tehran had signed a joint venture agreement on the establishment of a cement factory in the Venezuelan state of Monagas. The two countries plan to invest US$45m in the project, Xinhua quoted Alvarez as saying.
 
According to the China’s news agency, the plant’s annual production capacity would hit more than 1Mt. Alvarez said feasible study had started six months ago and an Iranian delegation of experts was scheduled to pay a visit to the factory’s venue in mid-November.
 
The mining minister voiced his country’s readiness to bolster ties with Iran, expressing hope the joint venture would be a prelude to Iranian companies’ stronger presence in Venezuela.