Displaying items by tag: Libyan Cement Company

Libya: The Libyan Cement Company (LCC) says taxes, poor weather and local fighting have hampered its progress over the last year. The introduction of a 183% Foreign Exchange Tax in the last quarter of 2018 has tripled the price of imported spare parts, supplies and capital goods. This has delayed repairs to the cement producer’s plants. However the company believes that the tax may be lowered in the near future. A long and wet winter has also been blamed for reducing the demand for cement and reducing the company’s cash flow.

Fighting in Tripoli has affected the LCC’s operations in the east of the country with multi-month long interruptions to the supply of raw materials. It said that key roads have recently been re-opened following negotiations relieving the situation and that it hopes they will stay open.

The company said that it is still working towards a Euro200m upgrade project to its plant in Benghazi. The plan is to increase the unit’s production capacity to 3Mt/yr from 2Mt/yr.

Libya: The Libyan Cement Company plans to spend Euro200m on an upgrade to its plant in Benghazi. The project will increase the unit’s production capacity to 3Mt/yr from 2Mt/yr at present. Planning is at an advanced stage, with tenders already issued for the engineering, procurement and construction (EPC) of a mixture of new and upgraded facilities. The Central Bank of Libya, other banks and other investors will supply finance for the project.

The cement producer reopened its Benghazi plant in late February 2019. It has over 1000 employees with more openings to follow.