Iran, Venezuela help Bolivia establish state cement company

Bolivia's government has announced plans to establish a state cement company, with Iran and Venezuela helping to fund construction of its first two factories, which are expected to cost US$ 230 million.

The two cement factories, which will be constructed in the Andean highlands, would produce 700000 tonnes per year, about 40% of the country's current needs.

Since taking office in 2006, Bolivian President Evo Morales has formed close ties with his Venezuelan counterpart Hugo Chavez and has signed various cooperation deals with Iran.