SALALAH: Raysut Cement Company has signed a land lease agreement for the construction of a new milling unit in Duqm and a service station agreement with Duqm Port Company with an investment of $ 30 million.
The agreement was signed by Joey Goshe, CEO of Raysut Cement and Reggie Vermeulen, CEO of Duqm Port.
Joey Goshe said, “Once the new milling unit in Duqm is completed, it will add another 1 million tonnes to its current capacity of 7.4 million tonnes per annum. The company’s acquisitions and investments will be strategically controlled to ensure that they are closely positioned in locations where demand for cement is high’’,
He added that the current capacity of Raysut Cement Company is 6.4 million tonnes annually, where the company achieved revenues of 26.6 per cent last year.
He stressed that the company is looking to invest more than $150 million in the expansion of production capacity. Next, Raysut Cement plans to invest in India with $700 million by 2022.
Raysut Cement recently signed a $51 million financing deal with Nizwa Bank to finance its operations and expansion plans in the Sultanate including Salalah and Suhar.
— ONA
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