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Rostec's subsidiary to help Venezuela revive Sidor metallurgical plant

The relevant agreement was signed on the sidelines of the Russian-Venezuelan business forum "Russia and Venezuela - Strategic Partners", which was held on October 28-29 in Caracas

MOSCOW, November 24. /TASS/. The foreign Economic Association Tyazhpromexport of Rostec state corporation will help Venezuela revive one of the largest metallurgical enterprises in Latin America, the SIDOR plant, the association announced in a statement.

The relevant agreement was signed on the sidelines of the Russian-Venezuelan business forum "Russia and Venezuela - Strategic Partners", which was held on October 28-29 in Caracas.

"The participants focused on the revival of one of the largest metallurgical enterprises in Latin America, the SIDOR plant (Compania Siderurgica del Orinoco, CVG). Following the negotiations, an agreement in principle was reached on the implementation of a joint project to rebuild the plant in six consecutive stages," the statement says.

Tyazhpromexport is a 100% subsidiary of the Rostec State Corporation for the Promotion of the Development, Production and Export of High-tech Industrial Products (Rostec State Corporation), according to the company’s website.