On 16 December, China Sinoma International Engineering issued an announcement saying that its subsidiary Sinoma (Suzhou) Construction Co., Ltd inked a contractor contract, worth US$ 112.5 million, with Iraq investment firm Mass Iraq.
The Suzhou-based company, together with the Iraq company agreed the contract for construction of a cement plant in Sulaymaniyah, with a capacity of 5300 tpd. The contract covers the design, procurement, construction, installation, commissioning, trial production and the final examination by standard of the raw material storage to the whole production line. The project should be completed in 24 months and half a month from the day when the contract takes effect.
At the same time, besides the earnest money included in the contract, the profits and losses from the fluctuation of exchange rate of the rest US$ 92.5 million. However, the maximum compensation for the losses caused by the fluctuation of exchange rate and materials prices will be 5% of the contractual value.
Read the article online at: https://www.worldcement.com/africa-middle-east/20122010/china_sinoma_to_construct_cement_plant_in_iraq/