InternationalMoney and BusinessNationalnews

For the first time after Benghazi liberation, Libya Cement Co launches EUR200m investment program

The Address | Benghazi – Libya

BENGHAZI – Libya Cement Company (CC) has announced an investment program of EUR200m to be carried out over the next five years to increase its cement capacity. The program is the first of its kind since the Libyan National Army liberated the city of Benghazi, LCC HQ, from the grip of extremist groups. The city of Benghazi is witnessing an economic recovery with the return of foreign companies and investors to the city.

The investment will cover a mixture of new and upgraded facilities that will raise the company’s production capacity by more than 50 percent from around 2Mta to over 3Mta of cement. Financing for the project is close to being in place, the LCC says, with the Central Bank of Libya (CBL), major banks and funds, and other interested parties having been briefed about the plans during the past six months.

Libyan Cement Company is one of the largest cement manufacturers in Libya. It has six production lines in Benghazi, Al-Hawari, and Al Fataiah, covering more than a third of the Libyan demand for the cement industry. In 2008, the Asmar Group and the Economic and Social Development Fund acquired more than 90% of the Libyan Cement Company.

Chairman and CEO, Robert Solomon, said, “Kilns are turning, mills are grinding, and trucks are rolling out the gates bringing cement to the people of Benghazi for the first time in five years.

“It has been a long hard road to get to this point. And we must be clear, there is still a long, long way to go. But it’s a great feeling to be back.

“In February the LCC recalled another 150 employees back to work. We now have over 1000 workers back in full-time employment. More will be progressively called in months to come.”

The Benghazi factory restarted producing cement on 7 March, and both bagged and bulk trucks are going out of the factories’ gates, he added.

Solomon said, “these plans will turn the company’s vision to produce 3Mta of cement into a reality. We are the leading manufacturer and supplier of cement in eastern Libya, and our mission is to maintain that position.”

Al Fataiah factory at Derna is being repaired already with work on kiln B underway. All production lines in Al Fataiah will be opened in the second half of 2019, he added.

Tags

Related Articles

Close