Iran will get on with Venezuela’s cement project as soon as it receives $48.5m in down payment and $36m in documentary credit from Venezuela.
Gholamreza Ruhian, executive director in charge of the project, announced that preliminary mine studies and purchase of the required machinery and equipments have been fulfilled by the Iranian side; down payment and delivery of project land are the requirements to kick off the cement factory construction. Although Export Development Bank of Iran (EDBI) has already guaranteed the down payment, nevertheless, Venezuela is demanding certain amendment on the guarantee agreement.
The agreement on construction of a cement factory with the capacity of 1Mta in Venezuela was signed and finalized during former president Khatami’s visit to this South American country in March 2005.
