J’ca cement maker in deal with V’zuela
Caribbean Cement Company Ltd, a subsidiary of the TCL Group, yesterday announced an agreement to supply 100,000 tonnes of clinker to Venezuela from December 2013 to April 2014.
This arrangement was facilitated under the compensation mechanism of the PetroCaribe Agreement whereby the government of Jamaica could repay the loan to Venezuela with goods and services in lieu of cash.
This contract is the outcome of over three years of negotiations between Carib Cement and the government of Jamaica and the government of Venezuela, a statement said.
What started as an initiative to export cement ended instead in an agreement to supply clinker. Clinker is the intermediate product made in the cement manufacturing process, it added.
Carib Cement will export 20,000 tonnes of clinker per month to Pertigalete, Venezuela. This clinker will be used in cement plants to make cement. The company will continue negotiations to continuing supplying clinker after April.
Carib Cement said it was pleased to be a “trailblazer in setting a precedent for other goods and services to be negotiated under the compensation mechanism of the Petro Caribe”.
The company held a press conference to commemorate the first shipment of clinker to Venezuela at the Jamaica Gypsum and Quarries Pier where the ship for Venezuela was being loaded.
Prime Minister of Jamaica Portia Simpson Miller and Jamaican ministers Phillip Paulwell and Anthony Hylton attended as well Venezuelan Ambassador to Jamaica, Maria Jacqueline Mendoza Ortega and the chief executive of the PetroCaribe Fund, Dr Wesley Hughes.