Oman’s Raysut to invest US$50m

Oman’s Raysut to invest US$50m
Published: 16 March 2004

Omani cement producer Raysut Cement plans to invest US$50m to boost its output by putting into operation a new production line, the company said in a statement to Muscat Securities Market on March 14, 2004.  The line, which will be the company’s third, will be designed and installed by a German company and will have an annual capacity of 1.0Mt of clinker. Construction works are due to be completed by the beginning of 2006. Raysut Cement will provide 40 per cent of the financing for the project and the remaining funds will be extended by local banks.  Raysut Cement posted a net profit of 4.9 mln Omani rials (US$12.7m) for 2003.