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Jamaica to ship clinker to Venezuela in PetroCaribe loan repayment

Published: Thursday December 19, 2013 | 1:02 pm Comments 0

Jamaica will make its first shipment of cement products to Venezuela as part of a deal to repay its PetroCaribe loan.

A ceremony is to be held at 2 p.m. at the Jamaica Gypsum and Quarries Pier in Kingston to celebrate the first shipment.

A statement from the Mining Ministry said the shipment is the result of months of negotiations with Venezuela.

It added that it is the first time Jamaica is making use of the Trade Compensation Mechanism of the PetroCaribe Agreement, and signals a new dimension in the relationship between the two nations.

Under the Trade Compensation Mechanism, Jamaica is allowed to settle a portion of its oil debt to Venezuela through the export of goods and services.

Caribbean Cement Company Limited is to supply clinker to the 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 for ordinary Portland Cement.

Prime Minister Portia Simpson Miller, Mining Minister Phillip Paulwell and businessman Tony Hylton will be participating in this afternoon's function. 

The Jamaican Cabinet signed off on the supply of cement products in November.

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