The Qatar National Cement Company (QNCC) will sign on December 19, 2004 a $120m syndicated loan agreement, it was reported on December 15, 2004. QNCC mandated a number of banks to arrange the loan in July 2004. The banks are the Qatar National Bank (QNB), the Commercialbank, the UK Standard Chartered Bank and Bahrain-based Gulf International Bank (GIB). QNCC will use the funds to finance the construction of its third cement plant. The company awarded in early June 2004 a $160m contract to French FCB Ciment for the construction of the plant, which will have a daily capacity of 4,000t of clinker. The plant is to be completed in 27 months.