A Chinese public company for construction inked on Thursday a memo of understanding in Beijing with a Syrian private company for development to build a black cement factory near Damascus, Syrian daily on Friday announced.
Cino Hydro company for constructions and Syrian Farzat company for development will establish a joint company called the Syrian Company for Cement which is a stock company that will build a black cement factory at Adraa, district near Damascus, Al-Baath paper said.
The factory’s production will reach at one million and 800,000 tones of packed and liquid cement. Its capital is about $200m and the Chinese contribution to it is to reach about 55 %. Farzat company for development will participate with 20 % ownership while the rest of the stock sold in the Syrian market.
Director of the Chinese company Chin Yu Chin pointed out at his companies interest to invest in Syria, noting the clear boost of the government for foreign investments coming to Syria.
Farzat Group for Development Chairman, Mahmoud Farzat, hoped the project would be a beginning for other joint investment projects in Syria.
Syria’s ambassador in Beijing noted to the government boost to establish joint companies with Cahina. The project according to Al-Baath paper is the biggest investment made by a Chinese company in Syria. The Chinese company is expected to contribute $ 110 million to the project. Cino Hydro company is one of the biggest in field of construction in China and it includes more than 130,000 workers.