Attock Cement to remit US$24m Iraqi project
Attock Cement Pakistan Limited (ACPL), Pakistan, one of Pakistan’s largest cement manufacturers and exporters, has received government approval to remit US$24m as an equity investment for the establishment of a cement grinding unit in Basra, Iraq.
The permission was given by the the country's finance minister, Senator Mohammad Ishaq Dar, who chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet at the Prime Minister’s Secretariat on 15 March.
An official government report said that the proposed investment is expected to bring foreign exchange through dividend repatriation and growth in clinker exports. As ACPL intends to hire 50 per cent of its labour force from outside Iraq, the venture is expected to create employment opportunities for Pakistanis.
The plant will have capacity of 0.9Mta with a total capital outlay of around US$40m. It will be completed in two phases.
ACPL had signed a joint-venture agreement with Al-Keetan Trading and Commercial Agencies Ltd for the construction of the cement grinding facility, with equipment supply for the first phase of the project contracted to a Chinese manufacturer. That plant is expected to commence production in FY16.
