Cement News tagged under: Iraq

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IFC invests US$130m in Iraq's Al Douh Cement

15 January 2024, Published under Cement News

IFC is investing in Al-Douh Iraqi Company for Cement Industries (part of Al-Riyadh Investment Companies Group) to help boost economic diversification and improve sustainable growth in Iraq. IFC is providing a financing package of up to US$130m in long-term debt to Al-Douh. The financing will enable Al-Douh to expand its cement production capacity by 1.9Mta to reach overall production of approximately 3Mt of cement by the end of 2025. Of the total financing provided, up to US$25m will be...

Northern Region Cement signs US$44m Iraq partnership

04 January 2024, Published under Cement News

Saudi Arabia-based Northern Region Cement Co has signed a partnership agreement with Al-Diyar Al-Iraqia for Investments Co which sees the Iraqi company acquire 49 per cent of Northern Region Cement’s Iraqi investments. The deal is valued at US$43.95m and proceeds will be used to inject external investments in promising opportunities and repay a portion of the high-cost loans amid high financing costs, according to a bourse disclosure. The agreement will enable Northern Region Cement to...

Attock Cement Pakistan Ltd completes share sales in Iraqi subsidiary

03 August 2023, Published under Cement News

The Company Secretary at  Attock Cement Pakistan Ltd, Irfan Amanullah, has informed the Pakistan Stock Exchange (PSX) that further to the company’s intimation dated 21 June 2023, regarding the sale of the entire shareholding of the company in its subsidiary Saqr Al-Keetan for Cement Production Co Ltd (SAKCPCL), it announces that the process of transfer of 9m shares to the buyers is duly completed on 26 July 2023 and the shares have been registered in the name of buyers under the Iraqi Law...

Fujairah plant orders WHR system from Turboden

17 July 2023, Published under Cement News

Turboden SpA, a Mitsubishi Heavy Industries Group company, together with ENGIE Solutions GCC, has been selected by LEC for the production and installation of a 10MWe WHR organic Rankine cycle (ORC) system at the Fujairah cement plant, UAE. Based on a closed-loop thermodynamic cycle, the ORC system will help LEC avoid 29,000tpa of CO 2  emissions from the grid, representing a reduction of 28 per cent in power-related emissions. The waste heat recovery system based on the ORC techn...

Sinoma to build cement plant in Iraq

12 July 2023, Published under Cement News

Sama Samawa Industries Commissioner revealed an agreement with Sinoma to establish a cement factory in Muthanna Governorate, southern Iraq. While stating that the production will reach 7000tpa, the director of the Chinese company affirmed that the factory will be operational by 2025. Taha Mashat, commissioner of Sama Samawa Industries, stated: "The project aims to produce various types of cement, with daily production reaching 7000t and an annual output of 2Mt." Mr Mashat added, "The c...

Attock Cement sells Iraqi unit for US$11.7m

22 June 2023, Published under Cement News

Attock Cement Ltd of Pakistan has updated Pakistan Stock Exchange (PSX) about selling its 60 per cent share in its Iraqi grinding plant on 21 June 2023. Company Secretary, Irfan Amanullah, has informed PSX that the agreement for the sale of the entire shareholding of the company in its subsidiary ‘ Saqr Al Keetan for Cement Production Co Ltd ’   reached, and the company has received a sum of US$11.700m as a consideration against the sale of 9m shares. The company will be sold to two bu...

Lucky to add a new clinker line of 1.82Mt in Iraq

19 May 2023, Published under Cement News

GM Finance and Company Secretary, Faisal Mahmood, of Lucky Cement Ltd  ( Yunus Brothers Group ) informed Pakistan Stock Exchange (PSX) on 18 May that the company has made a 1.82Mta expansion plan with its joint venture partner in Samawah, Iraq, taking the total capacity under its clinker production company Najmah Al Samawah to 3.13Mta.  It will coincide with the increasing cement demands in Iraq. The management expects the plant to be completed in 18 months, as per PSX notice, after...

Attock Cement to sell its 60% share in Iraqi plant

09 May 2023, Published under Cement News

Attock Cement Pakistan Ltd (ACL) is expected to hold an Extraordinary General Meeting (EGM) of the shareholders on 25 May 2023, to consider and, if deemed fit, to pass a resolution of disposal and to enter into a share purchase agreement 18m shares held by the company in its subsidiary, Saqr-Al-Keetan cement grinding unit in Iraq. The grinding plant has a cement capacity of 540,000tpa and was set up in 2019.   ACL will sell 60 per cent of the entire share capital of Saqr Al-Keeta...

IFC loan proposed for new Al Douh Cement production line

16 November 2022, Published under Cement News

IFC is proposing a corporate loan of up to US$65m to Al Douh Cement Co , one of the leading producers of cement in Iraq, to finance the company’s planned expansion of its production capacity.   The project envisages the construction of a new production line of sulphates-resistant cement within the same site, with a capacity of 2Mta. The new line will be equipped with a kiln fuelled by natural gas and powered by a 50MW captive gas fired power plant, which will be built as part of the pro...

Middle East: diversification is key

22 November 2021, Published under Cement News

Following years of conflict, the potential for cement demand in the Middle East is huge. Add to this the drive by governments to develop and expand various industries to reduce their reliance on oil and gas revenues. Meeting this demand, however, requires investment at a time when state revenues have plummeted and the region is facing escalating humanitarian crises. Global oil prices declined by more than 50 per cent in March 2020 as lockdown measures grounded international flights ...