Juan Esteban Calle, president of Cementos Argos, stated that the company is moving proactively to reactivate its business in Venezuela, where the expropriated plants operate at 10% of their capacity. The reactivation will start with demand from the oil and gas sectors, and compensation of US$800 million is expected for assets seized since 2007. Calle affirmed that the process will be irreversible and will develop in phases.
During the Investor Day held in Cartagena, Juan Esteban Calle, president of Cementos Argos, addressed questions about plans in Venezuela. He explained that the market reactivation "will be irreversible" and will begin driven by demand from the oil and gas sectors. In the call to present the 2025 results, Calle mentioned the desire to quickly increase cement dispatches to Venezuela from the current 1,000 tons to 5,000 tons.
Current supply is carried out from Sogamoso, in Colombia, via land, covering more than 20 Venezuelan states. Calle highlighted that it is not a risky reinvestment from zero, as there is ongoing litigation for the assets expropriated in 2007, with a debt in favor of the company of around US$800 million. The recovery of the position in the neighboring country will be done in phases.
"We have knocked on doors in the US and in Venezuela and we are moving proactively," Calle commented. He added that the expropriated plants operate today at a capacity that does not exceed 15%. The company sees potential in the Venezuelan market, with signals such as interest from international funds and the return of capitals that had left.
Calle also mentioned the closing of a chapter in the United States related to the sale of Summit Materials, but emphasized the proactive focus on Venezuela to enhance the business.