Venezuela compensates Ternium for nationalization of Sidor
Ternium received USD 136.7 million that was still pending for the nationalization of steelmaker Sidor in 2008
Steel holding Ternium, owned by Argentinean group Techint, informed on Wednesday that Venezuela has finally wiped off its debt to the holding as compensation for the nationalization of steel company Sidor.
In a statement issued by shareholder Siderar, Ternium stated it "has received duly payment for the amount that had not been settled upon the compensation agreed in May 2009 for the transfer of its assets in Sidor," which total USD 136.7 million.
The payment was reported to have been made by Venezuelan Corporation of Guayana (CVG), cited Efe.
"Upon the making of said payment, the dispute with Venezuela in relation with the nationalization of Sidor is settled, upon arbitration at the International Centre for Settlement of Investment Disputes (ICSID)," Ternium said.
In May 2009, the holding agreed on a compensation of USD 1.97 billion for the transfer of its assets to Sidor after the Government decided to nationalize the company in 2008.
Translated by Jhean Cabrera
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."