MEGA-PROJECT: Iranian cement giant HCC to partner with Al Anwar Holdings in establishing cement mill in SEZ
Business Reporter –
MUSCAT, MAY 2 –
Omani listed company Al Anwar Holdings SAOG has announced that it has signed a shareholders’ agreement with Iranian cement firm Hormozgan Cement Co (HCC) to establish a greenfield cement mill in the Special Economic Zone (SEZ) at Duqm.
The new cement grinding unit, to be named Hormuz Al Anwar Cement SAOC (HAC), will have a grinding capacity ranging from 600,000 tonnes to 1 million tonnes per annum, it said in a filing to the Capital Market Authority (CMA).
“This is strategic investment for Al Anwar in the industrial sector in Oman and we expect to create value for shareholders in the long-term from the investment,” said Sanjay Tiwari, Acting CEO, Al Anwar Holdings.
“Total investment for the project is expected to be around RO 10.5 million with an optimal debt and equity mix. Commissioning of the project is subject to receiving approvals from relevant regulatory authorities and required funding from banking institutions in Oman,” he added.
HCC is a well-known Iran-based cement producer with established capacity of 2.0 million tonnes per annum and listed on the Tehran Stock Exchange (SHZG1).
The new mill is one of several cement plants due to be set up at the SEZ.
Omani joint stock cement producers Oman Cement and Raysut Cement have also announced plans to jointly establish a cement mill at Duqm under the name of Al Wasta Cement Company.