Iron briquette production threatened by gas shortages

www.vheadline.com Posted: Thursday, January 30, 2003 - 3:03:24 AM By: Robert Rudnicki

Venezuelan hot briquetted iron producer, Venprecar, has been forced to suspend operations because of a continued gas shortage brought about as a result of the eight-week-old opposition work stoppage. The company is currently not receiving any gas supplies and needs around 22 million cubic feet per day to continue its operations.

Apparently Petroleos de Venezuela (PDVSA) officials have promised to restart supplies to the plant, but an exact time or date has not been given. It is also unclear how serious an affect this will have on the company's yearly production figures, but this will surely depend on the length of time gas supplies remain unavailable.

Venprecar is a subsidiary of International Briquette Holdings (IBH), which recently decided to give up its US listing, as the expense was to high to be justifiable. The company will however maintain its listing on the Caracas Stock Exchange.