The Jamaican Cabinet signed off on the supply of cement products to Venezuela under the PetroCaribe agreement in September, according to a document newly table in Parliament this week.
But the deal remains in limbo because Caracas is yet to approve the arrangement.
Caribbean Cement Company Limited (CCCL) plans to supply clinker to Corporación Socialista del Cemento in Venezuela.
Clinker is an intermediate stage of cement production, which accounts for about 95 per cent of the material used to manufacture Portland Cement.
The PetroCaribe facility, under which Jamaica buys oil from Venezuela, allows for repayment of some of the oil debt with commodities through the co-called 'trade mechanism'.
"It is quite historic, because it would be the first time Jamaica would be accessing the mechanism," said Anthony Haynes, general manager of Caribbean Cement.
It will also be the first time that CCCL exports clinker to Venezuela.
But: "Its not a done deal," Haynes told the Financial Gleaner. "I hope it will be soon."
Although Haynes couldn't say when the deal may go through, efforts are being made to expedite the matter.
"There have been developments," Haynes said. "Our ambassador has been following it up."
He noted that Caribbean Cement has met with the cement company in Venezuela and finalised the terms of the contract, but he declined to divulge figures.
"We have come to an agreement on all the terms - commercial, volume and logistics," he said.
Under the Trade Compensation Mechanism of the PetroCaribe energy cooperation agreement, Jamaica is allowed to settle a portion of its oil debt to Venezuela through the export of goods and/or services.
"So instead of cash going out, it promotes Jamaican industry with goods going out," said Haynes.