Metal cos. hope for PDVSA contracts

During the III Metallurgical Industry Conference that took place in Caracas November 25 and 26, Venezuela's state oil company PDVSA presented investment projects worth more than US$5bn, sparking optimism in the country's metallurgical sector, El Universal reported. The projects would start year-end, running through 2004, the report said. Further, international oil and consulting companies exhibited their programs and proposals, causing the president of Venezuela's metallurgical and mining industry association (AIMM), Alfredo Gibbs, to say they would "reactivate the economy." According to the information, if Venezuela's metallurgical industry boosts operating capacity by 40-60%, this could in turn generate between 20,000 and 30,000 jobs.