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| OCI begins cement production in Pakistan Orascom Construction Industries announced that cement and clinker production at its new plant in Pakistan has commenced on schedule. OCI subsidiary Pakistan Cement Company (PCC) owns the property, plant and equipment of a 2.2 million ton per year cement plant supplied by F.L.Smidth of Denmark located along the Lahore-Islamabad highway in the Punjab Province of northern Pakistan. OCI acquired a majority stake in Pakistan Cement Company, formerly known as Chakwal Cement Company, in March 2005. Currently, OCI owns 62.75% of total the outstanding shares in PCC. To complete the construction of the new cement plant, PCC secured financing earlier this year through a syndicate of 11 Pakistani banks and the Eksport Kredit-Fonden (EkF), the Denmark-based international export credit agency, for the equivalent of US$ 130 million in limited recourse project finance debt which is provided in Pakistani Rupees. The total investment cost for OCI in Pakistan for the greenfield plant is US$ 177 million implying US$ 80 per cement ton. write your comments about the article :: © 2006 Construction News :: home page |