About Us - Press Release - CEMEX announces that negotiations with the Republic of Venezuela to resolve the nationalization of CEMEX Caracas show constructive progress
January 7, 2011
CEMEX, S.A.B. de C.V. (NYSE: CX), announced today, with respect to the nationalization of the properties of CEMEX Caracas in Venezuela, that it is maintaining a constructive negotiation process with the Republic of Venezuela aimed at achieving an amicable settlement. Considering the recent progress in negotiations, CEMEX considers that an agreement may be finalized in the near term.
This agreement would make the ongoing arbitration process in ICSID (International Centre for Settlement of Investment Disputes) between the Republic of Venezuela and CEMEX Caracas unnecessary. The ICSID tribunal recently confirmed the position of the Republic of Venezuela that Article 22 of the Law on Investment Promotion and Protection is not an open and general consent of the Republic of Venezuela to submit to ICSID arbitration any investment dispute. The court also held that it has jurisdiction over this case based on the bilateral investment treaty between the Republic of Venezuela and The Netherlands, to which the Republic of Venezuela has expressed disagreement.
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. No assurance can be given that the offering described herein will be consummated or as to the terms of any such offering. CEMEX assumes no obligation to update or correct the information contained in this press release.