Mibam inks agreement with Iran to develop Siderrgica Nacional. Check it out:
(BNamericas.com Via Thomson Dialog NewsEdge) The basic industries and mining ministries of Venezuela (Mibam) and Iran have signed a memorandum of understanding to analyze the participation of Iranian companies in Venezuelan state steelmaker Siderrgica Nacional.
"It will evaluate the possibility of allowing a public or private Iranian company to hold a stake in the Siderrgica Nacional EPS, a social production enterprise," a Mibam official told BNamericas.
If the agreement is cemented, the Iranian company would hold a 20% share of the social capital in Siderrgica Nacional while 80% would be controlled by the Venezuelan state, the official said.
For now, representatives from both governments are moving forward with project studies, said the official.
Construction works at the steel mill are expected to start early next year with mill startup expected by first quarter 2009, BNamericas previously reported.
Venezuelan President Hugo Chvez announced in September 2005 the construction of the plant at an estimated investment of US$1bn. The plant will have installed capacity of 300,000t/y coils, 900,000t/y rolled steel and 300,000t/y rounded bars.
Siderrgica Nacional will be located in Puerto Ordaz in Bolvar state and be a subsidiary of the national basic industries company Coniba.
Copyright 2006 BNamericas.com
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