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Sinoma to build cement production line in Iraq 01 May 2013
Iraq: Sinoma International Engineering's Nanjing subsidiary has signed an EPC contract with Iraq-based Faruk Investment Group to build a 5300t/day cement clinker production line. The project is the seventh cement production line to be built in Iraq by Sinoma's Nanjing subsidiary.
India: Shree Cements' net profit rose by 140% to US$51m for the quarter ending 31 March 2013, from US$21.3m in the same period in 2012. Its revenue rose by 7% to US$274m from US$256m. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 9% to US$75.4m from US$69.4m.
Pakistan: Lucky Cement reports that its profit after taxation rose by 61.3% to US$27.4m for the quarter ending 31 March 2013, from US$17m in the same period in 2012. Revenue for the quarter rose by 16% to US$120m from US$103m. The cement producer attributed a 20% increase in sales as the reason for the increased profit.
Saudi Arabia: Dr Tawfiq Fawzan Al-Rabea, Minister of Commerce and Industry in Saudi Arabia, has asked cement producers to build a 'strategic' reserve of two months inventory at each plant and to cover any shortage by importing cement.
At a meeting with local cement producers, which was held to ensure that companies are abiding by their commitments to import cement, Al-Rabea said that the ministry is monitoring the imported quantities and that the companies must import the quantity specified for them in line with the local market needs. He added that any delay or disregard of their commitments would be penalised.
Meanwhile, Dr Zamil Al-Muqrin, Chairman of the National Committee for Cement Companies, said that the firms have corresponded with the international companies and the first quantities of imported cement will reach the Kingdom within two weeks.
Dangote shows US$550m interest in Nepal 01 May 2013
Nepal: Nigerian cement producer Dangote Cement has formally expressed interest to build a US$550m cement plant in Nepal. Investment Board Nepal (IBN) has received an application from Dangote, according to a press release from the IBN.
IBN CEO Radhesh Pant also confirmed to Nepalese newspaper República that Dangote is looking for mines in Nepal. Dangote has expressed interest in setting up a plant in the western Nepalese district of Surkhet.