OCI Denies Plan To Build Indonesian Cement Factory

Orascom Construction Industries, or OCI denied having made any statements concerning intentions to invest in constructing a cement factory in Indonesia, according to a press release issued through the Cairo and Alexandria Stock Exchange Thursday. The denial comes after reports circulated in Arab media concerning OCI’s plans to pour money into an Indonesian venture.

OCI is a cement producer and construction contractor active in emerging markets. It operates cement plants in Egypt and Algeria with an annual production capacity of 13.5Mt. It plans to increase production through its new investments in Pakistan, Northern Iraq, Nigeria, Algeria, the United Arab Emirates and most recently Spain to 28Mt by 2007.

OCI had announced Sept 14 that it had acquired a 51 per cent stake in Cementos La Parilla for Euro20.7m. Cementos La Parilla owns and operates a cement grinding plant with an annual grinding capacity of 600,000t.