Venezuela to Invest $700 Mln to Build `Steel City,' Chavez Says
May 21
Venezuela plans to invest $700 million this year to build four state-run companies in a ``Steel City'' development in the country's southeast, President Hugo Chavez said.
The government plans to build four steel processing plants and several housing tracts in Bolivar state, about 710 kilometers (440 miles) southeast from Caracas, Chavez said during his weekly television show. The government also plans to build bauxite, cement, paper and cotton processing factories, he said.
``Later we'll build Aluminum City and Diamond City,'' Chavez said.
Venezuelan oil exports rose to a record $14 billion in the first quarter, fueling a surge in government spending. A special spending fund controlled by Chavez has received $13 billion of central bank reserves and oil revenue since its creation in October and will receive $5 billion more the rest of this year, Chavez said.
Venezuela plans to invest $700 million this year to build four state-run companies in a ``Steel City'' development in the country's southeast, President Hugo Chavez said.
The government plans to build four steel processing plants and several housing tracts in Bolivar state, about 710 kilometers (440 miles) southeast from Caracas, Chavez said during his weekly television show. The government also plans to build bauxite, cement, paper and cotton processing factories, he said.
``Later we'll build Aluminum City and Diamond City,'' Chavez said.
Venezuelan oil exports rose to a record $14 billion in the first quarter, fueling a surge in government spending. A special spending fund controlled by Chavez has received $13 billion of central bank reserves and oil revenue since its creation in October and will receive $5 billion more the rest of this year, Chavez said.
posted by Alice at
Monday, May 22, 2006
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