Home › Forums › Coking › News: DCU, Upgrader › 1.Coker (registered users only) › Update – Venezuela takes over cement seizes Cemex assets › RE: Update – Venezuela takes over cement seizes Cemex assets
Sure you already have this since it was in Houston Chronicle Business section this morning…but just in case:
Here is update on Venezuela taking over Cemex cement assets, following much the same pattern as Venezuela did on upgrader asset “theft”. EU owners (Holcim-Swiss & Lafarge-French in this case) sign up or cash out at dictated terms & NA owners (Cemex this case) put up fight but get taken over anyway.
I don’t think overall this will be much of a change on the placement of petcoke into the Venezuela cement plants.
Since it was announced earlier there hasn’t been much of additional market reaction and there is little Cemex has as bargaining point since Venezuela is holding all the cards…..but the socialization of assets in both the upgrader & cement industries is going to cost a great deal in the future. Credit ratings & Foreign investment (now shown to be greatly at risk) will eventually take their toll since socialized industries seldom operate as effectively as privatized assets (as PDVSA has been proving on utilization, shutdowns, death toll and production with upgraders).