Oman Cement Co has obtained two loans totalling just over OMR25.77m from Bank Muscat as it aims to finance a number of modernisation projects and revamp its aging cement works.
The first loan, in the amount of OMR14.45m, will finance the kiln upgrade project and improvements in pollution control, to be carried out by two Chinese companies.
The second, OMR11.47m loan will pay off an existing loan of the same amount with Bank Sohar. A statement released to the Muscat Securities Market (MSM) explains that these loans ’’hopefully reduce the cost of financing its projects.’’
Expected to complete by February 2012, Oman Cement has contracted CNBM International Engineering to carry out a OMR11.15m project to modernise the 29 year-old plant, extending its life by a further 25 years and raising its capacity from 2000tpd to 2700tpd.
The Omani cement producer also signed a OMR3.3m deal with Sino Environment Engineering Company to modernise the company’s pollution control systems to ensure that emissions fall below 10mg/nm3, with work scheduled for completion by the end of January 2012.