Venezuela’s national assembly has approved an additional VEB 820 billion for the budget of the country’s basic industries and mining ministry Mibam. Of that sum, VEB 10.8 billion will be earmarked for the stainless steel factory to be installed in Monagas state. The new plant, which will be part of Venezuela’s trade and cooperation model for Latin America and the Caribbean (Alba), is a JV owned 51% by Venezuela and 49% by Cuba during the pre investment stage. The plant will be built in the Libertador area of Monagas.
