Raysut Cement Company has signed a joint venture agreement with Barwaaquo Cement Company for the construction of a new packaging and distribution terminal at Berbera port, the commercial capital of Somaliland. The companies will reportedly invest a total of US$7.5 million in the project.
According to a filing released by Raysut Cement, the agreement was signed by Eng Salim Bin Alawi Bin Mohammed Baabood, Chief Executive Officer of Raysut Cement, and Ismail Saeed Hussain, Board Chairman of Barwaaquo Cement. Baabood noted that the agreement formed part of Raysut Cement’s expansion plans, and would help the company to increase its exports and diversify its source of income.
The terminal will have a storage capacity of 12 000 t and construction works are expected to be completed by the end of 2015.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/15092014/raysut-cement-to-construct-a-new-terminal-in-somaliland-477/