Inekon Group, located in the Czech Republic will start implementing a project worth Euro 328m this year involving supplies for a cement works to be built in the north of Iraq, the biggest contract of a Czech company in the new history of Iraq, Inekon Group has said in a press release. The final contract with a private investor, S. J. Company of Iraq, was signed recently.
The Czech cabinet contributed Euro 660,000 or CZK to support the project. The contract counts on raising the plant’s output to 6000tpd from the original 3000tpd. Other Czech firms taking part in the project are PSG International and PSP to be in charge of supplies of technology.
Inekon is in talks with the Iraqi firm on supply of another cement works, with contract to be signed in the next few months. The project will be financed by a syndicated loan from the Czech Export Bank and Citibank, with insurance provided by the EGAP guarantee and insurance company.