RAYSUT-CEMENT
17.10.2019 19:51:07 CEST | Business Wire | Press release
The UAE based Pioneer Cement Industries (“Pioneer Cement”), part of Oman based Raysut Cement Company SAOG (RCC) is in the process of setting up a 1.2 m tonnes per annum capacity integrated cement plant in Georgia, Eastern Europe.
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Pioneer Cement owns concession to limestone mines in Georgia that will provide the key raw materials to this project. Georgia provides Pioneer Cement an opportunity to diversify from the Middle East into a market with large infrastructure growth and shortage of clinker and high-quality cement, the company said in a statement.
The plant will be located near Tbilisi, adjacent to the limestone mines. The debt and equity arrangements for the project are currently being finalized and the construction work in the project is slated to commence from Q4 2019.
The value of the project is estimated at $200 million.
“We have embarked on an aggressive and ambitious expansion strategy in the region with specific focus on Africa and neighboring regional countries, and in this context setting up Pioneer Cement Georgia is a significant geographical diversification,” said RCC Group CEO Mr. Joey Ghose.
Speaking about the project, B.S. Rajan General Manager Pioneer Cement said, "The Georgia expansion is a major milestone for Pioneer and its parent company Raysut, as it opens up a diverse market for us in terms of growth potential as well as new challenges. We are confident that this move will further strengthen and complement our aggressive expansion strategy in regional and global markets and grow into a development partner in economies across a wide geographical footprint."
The Georgia expansion of Raysut comes close on the heels of the company’s announcement of signing a land lease agreement and Port of Terminal services agreement with Port of Duqm Company SAOC for building a new grinding unit in Oman at an investment of US$30 million. The Duqm plant is being set up as part of the company’s aggressive expansion strategy in the local and regional markets.
This year Raysut also joined hands with MSG Group in East Africa to set up a US$40 million cement grinding unit in Berbera, Somaliland as well as acquired Sohar Cement Factory LLC at a value of US$60 million.
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20191017005812/en/
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