Venezuela Talks With Colombian Firms Over Chavez-Era Asset Seizures.

The Venezuelan government is in discussions with two Colombian companies, Cementos Argos SA and Comercializadora Internacional de Azúcares y Mieles (Ciamsa), regarding compensation for assets that were seized under former President Hugo Chávez. Cementos Argos is considering the possible takeover of a state-owned cement plant in Venezuela, while Ciamsa is negotiating for compensation for a sugar mill that was expropriated. Relations between the two countries have improved since Gustavo Petro became the Colombian president in 2022, and Venezuela is seeking to resolve these commercial disputes without legal battles. Venezuelan President Nicolás Maduro has also handed control of some expropriated companies to private partners in an effort to reactivate the nation's economy. Cementos Argos's potential acquisition near the Venezuelan coast could facilitate exports to the US, and the company is applying for a US license to receive the asset as payment from the Maduro government without violating sanctions. Venezuelan cement production has declined since Chávez took over the industry, and Cementos Argos was never compensated unlike other foreign companies. Colombian investors have been cautious about returning to Venezuela, but a bilateral treaty of investment protection is expected to be approved by Colombia's congress, which would provide security through international arbitration courts. Trade between the two countries is projected to double this year, although it is still significantly lower than its peak in 2008. [Extracted from the article]