Attock Cement Pakistan Ltd has signed a joint venture agreement with Al-Keetan Trading and Commercial Agencies Ltd, a private limited liability company, for the construction of a 3000 tpd grinding facility in Basra, Iraq. The new plant could become operational in a year’s time.
Babar Bashir Nawaz, Chief Executive of Attock Cement, stated that the cost of the new plant would be approximately US$35 million. As part of the joint venture agreement, Attock Cement will own 60% of the new company and Al-Keetan will own 40%.
Attock Cement has been exporting concrete to Iraq for 3 – 4 years, the only Pakistani cement manufacturer to currently do so. Nawaz further commented on the competition from Iran in the Iraqi cement market. The company is able to sell its products at premium prices in the Iraqi market due to superior quality; however, other factors such as low prices and convenient, cheaper transportation for Iranian cement producers have resulted in these companies gaining a larger share of the market.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/14042014/attock_cement_to_set_up_a_new_grinding_plant_in_iraq_41/
