CARACAS, Wednesday June 30, 2010 | Update
Economy | The priority is to supply the domestic market
Sidor negotiates financial support from the BCV and Gazprom

The loan will be granted for the payment of commitments and the purchase of inputs

Wednesday June 30, 2010  01:24 PM

"Sidor's recovery plan is supported by a promissory note we are asking to the Central Bank of Venezuela and a loan from the Russian oil company Gazprom totaling USD 200 million each," said Carlos De Oliveira, the executive president of the steelmaker company.

The loan would be used to pay outstanding commitments, purchase inputs and import semi-processed products (slabs and billets), as reported by the Venezuelan pro-government newspaper Correo del Caroní.

"We are in the middle of negotiations. We expect that by the end of this week or early next week, we will have a positive outcome in both negotiations," he said.

The priority is to supply the domestic market for rebars and wide rods.

The end of a cycle

Hundreds of thousands of demonstrators took to the streets of Brazil on March 13 to demand the ouster of embattled President Dilma Rousseff, carrying banners expressing anger at bribery scandals and economic woes. A banner read "We don't want a new Venezuela in Brazil." Estampas
Alianzas Estampas