Venezuela’s president, Hugo Chávez has authorised VEF43m (US$10m) to build a new quarry for cement production.

The executive also approved changing the name of Cemex Venezuela to Venezolana de Cementos as well as measure to develop and strengthen the firm, according to a release from the national assembly.

Last year, Cemex received US$600m in compensation from the Venezuelan government  for nationalization of the cement prouducer’s local works.