"Tyazhpromexport" of Rostec State Corporation will help Venezuela to revive the 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.
At the forum "Tyazhpromexport" held talks with key representatives of the Venezuelan leadership and the diplomatic corps, including the Ambassador of Venezuela, the Ambassador of the Russian Federation to Venezuela, the Minister of Industry and National Production Alex Saab, as well as the Minister of People's Power for Environmental Mining Development Hector Silva.
The participants focused on the revival of one of the largest metallurgical enterprises in Latin America, the SIDOR plant (Compañía Siderúrgica 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.
As Alexander Senin, Chief Engineer of JSC "VO "Tyazhpromexport", noted in his report at the business forum, the restoration and modernization of the Venezuelan metallurgical sector is a joint task that requires coordinated efforts by the public and private sectors of both countries.
"Tyazhpromexport", for its part, confirms its commitment to strengthening long-term economic ties with Venezuela and is ready to make a significant contribution to the development of its metallurgical sector.
The implementation of the SIDOR project will not only revive Venezuela's significant industrial asset, but also become a vivid example of successful Russian-Venezuelan partnership in the field of high-tech industries.
The next important step in the implementation of the project will be a Memorandum of Strategic cooperation between "Tyazhpromexport" and relevant Venezuelan structures. The document is scheduled to be signed on the sidelines of the 19th meeting of the High-level Russian-Venezuelan Intergovernmental Commission, which will be held in Sochi at the end of November 2025.