Asec Cement consortium wins Muthanna deal
Cairo, September 5, 2013
A consortium of Asec Cement and Iraq’s Qemmet El-Iraq has won a contract to rehabilitate and manage the Muthanna Cement Plant for 14 years.
Muthanna Cement, located between Najaf and Basra in southern Iraq, is one of seven plants controlled by Southern Cement Company.
The work is set to begin in the second quarter of next year, with a view to reaching a full 2 million tonnes per annum (MTPA) production capacity by August 2016.
Asec Cement chairman and CEO Giorgio Bodo said: “Iraq has embarked on a robust plan to rebuild and modernise its infrastructure and has launched major housing, industrial, and community projects. The rehabilitation of Muthanna is an important part of Iraq’s investment in bridging the supply gap, particularly in the south.”
Asec Cement is a regional cement platform created by Cairo-based private equity firm Citadel Capital and Qemmet El-Iraq is headquartered in Erbil and its activities include construction, contracting and manufacturing packaged food products.
The value of the contract was not disclosed. - TradeArabia News Service