The announcement of a deal between Jamaica’s Caribbean Cement Company Limited (CCCL) and a Venezuelan company regarding clinker exports to Venezuela has reportedly been called off due to ‘unforeseen circumstances’.
Under the Trade Compensation Mechanism of the PetroCaribe energy cooperation agreement, Jamaica is permitted to settle part of its oil debt to Venezuela through the export of goods or services. The Mining Minister was expected to make an announcement this week regarding the export of clinker under this agreement, but the press conference has now been postponed until further notice.
CCCL has only recently returned to profit after 12 consecutive quarters of loss. A costly expansion project left the company in significant debt just as the market entered recession, but there seemed finally to be a turning point in the June quarter when the company gained market share, as well as a new export market in Panama. At the time of this announcement, it was said that CCCL hoped to enter the Venezuelan market soon. It looks like that may now be put on hold.
Edited from various sources by Katherine Guenioui