Displaying items by tag: Oman

Oman: Raysut Cement has appointed Jitender Singhvi as its chief financial officer (CFO). He was previously the head of the company’s Internal Audit unit. Singhvi holds over 20 years of experience in audit, assurance and advisory functions.

Oman: Oman Cement subsidiary Al Sahawah Cement has said that the deadline for bids for two tenders for engineering, procurement and construction (EPC) of its new Duqm integrated cement plant’s 5000t/day kiln lines and mill. The Oman Daily Observer newspaper has reported that Al Sahawah Cement will commission the grinding plant in September 2021, with full commissioning of the integrated plant to follow in March 2022. The company is also tendering for bids for a third EPC contract for the supply and installation of a 30MW waste heat recovery (WHR) power plant. The entire plant has a cost of US$212m.

Oman: Cement producers have reacted positively to anti-dumping measures implemented by the Ministry of Commerce and Industry. The Oman Observer newspaper has reported that the measures, which consist of quality screening, have, since coming into force on 1 March 2020, been ramped up in construction, with a general restriction of the movement of goods due to the coronavirus. Raysut Cement said, “These measures will enable Raysut Cement and our peers Oman Cement to operate at full capacity. We hope that the authorities will continue to strictly enforce this measure in the interest of fair market competition.”

Raysut Cement said that it is ‘Aggressively pushing ahead’ with its US$30m Port of Duqm grinding plant project, which is due for commission in March 2021. “It is a good time for countries like Oman to become self-sufficient in the domestic availability of a strategic commodity like cement,” it said. On 4 May 2020 Raysut Cement announced plans to lobby the government for a gas or electricity subsidy.

Oman’s cement demand is currently 20-25% below pre-lockdown levels.

Oman: Raysut Cement has announced its receipt of 44,000t of clinker via the port of Sohar, Al Batinah North Governorate. The material will contribute to Raysut Cement’s strategic stockpile to help meet Omani cement demand throughout the coronavirus crisis.

Oman: Construction companies have reported delays to several projects resulting from a cement shortage that begun on 21 March 2020. Al-Watan newspaper has reported that most of the affected works are residential. The reason for the shortage is the suspension of cement imports from UAE from mid-March 2020.

Oman: Al Madina Cement Company recorded a net profit of US$48.2m in 2019, up by 61% year-on-year from US$29.9m in 2018. Its sales rose by 54% to US$141m from US$91.9m in 2018.

Madagascar: Oman-based Raysut Cement has shared plans for a US$30m, 0.75Mt/yr clinker grinding plant in Toamasina, Madagascar. L’Express de Madagascar newspaper has reported that Raysut Cement will begin construction in June 2020 and enter production at the facility in mid-2022 at the latest. Raysut Cement Indian Ocean regional director Pascal Naud said, “Madagascar’s pre-capita cement consumption is around 22kg/yr, compared to 125kg/yr on average in sub-Saharan countries. It is therefore a market with high potential for this investment.”

On 2 February 2020 Raysut Cement entered into talks with Switzerland-based Cementia for acquisition of the latter’s 75% stake in the latter’s LH Maldives cement terminal. The group said it is currently ‘developing an external growth strategy by investing in several African countries such as Kenya and Uganda.’

Oman: Oman Environmental Services Holding Company (Be'ah) has signed an agreement with Oman Cement Company, in which Be'ah will supply expired tyres to the cement producer for use as an alternative fuel.

The agreement was signed by Eng Tariq bin Ali al Amri, CEO of Be'ah, and Eng Salem bin Abdullah al Hajri, CEO of Oman Cement Company. Eng Hajri reported that the agreement will contribute to the national economy, diverting 30,000t of waste tyres from landfill.

Maldives: Oman-based Raysut Cement has announced that it is seeking a 75% stake in a cement terminal in the Maldives, as part of its long-term global expansion strategy.

In a disclosure filed with the Muscat Securities Market (MSM) in Oman, Raysut stated, “Raysut Cement Company wishes to inform that it is in discussions with Cementia AG of Zurich to acquire its 75% shareholding in LH Maldives Ltd, a cement terminal located at Thilafushi Island, Maldives.” Both Cementia and LH Maldives are controlled by LafargeHolcim.

Raysut Cement is also constructing a 1.0Mt/yr cement grinding plant in collaboration with MSG Group in Somaliland, internationally recognised as an autonomous region of Somalia. In September 2019 Raysut signed an agreement to set up a 1.0Mt/yr grinding plant in Duqm, Oman and is also setting up a US$200m integrated cement plant in Georgia via its UAE-based subsidiary Pioneer Cement.

Oman: Raysut Cement’s revenue fell by 7.6% year-on-year to US$223m in 2019 from US$241m in 2018. However its profit for the year before tax rose five-fold to US$13.8m and its expenses fell by 12% to US$208m.