Displaying items by tag: Cyprus

Russia: Oligarch Oleg Deripaska has moved the ownership of BaselCement’s Serebryansky Cement Plant by MKAO Fenestraria Consultants from Cyprus to Kaliningrad, Russia. Companies associated with Deripaska underwent redomiciling procedures in May 2019, according to Interfax. The change follows the creation of Russian special administrative regions in 2018 to encourage companies to relocate domestically in response to international sanctions.

Cyprus: Vassiliko Cement has appointed George Savva as its general manager with effect from 1 August 2019. In addition, Antonios Antoniou, the executive chairman of the company, will retain his position as chief executive officer (CEO) for a transitional period of five months until 31 December 2019. After the end of the transition period, he will retain the position of the executive chairman.

Savva, aged 48 years, is a Cypriot national. He holds a bachelors degree in Accounting and Finance from London South Bank University in the UK and later became a Chartered Certified Accountant with membership of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). He has also attended the LEAP Executive Programme of INSEAD Business School.

He worked for Deloitte in auditing and business advisory for four years before working as an internal auditor for two years. He became the chief financial officer (CFO) for Vassiliko Cement in 2001 and became the deputy general manger in 2017.

The European Union’s (EU) verified CO₂ emissions figures were released earlier this week on 1 April 2019. The good news is that no cement plant is within the top 100 largest emitters. All the top spots are held by power plants, iron and steel producers and the odd airline. Indeed, out of all of the verified emissions, cement clinker or lime production only represents 7% of the total emissions. Of course this is too much if the region wants to meet its climate change commitments but it is worth remembering that other industries have a long way to go as well and they don’t necessarily face the intrinsic process challenges that clinker production has. If the general public or governments are serious about cutting CO₂ emissions then they might consider, for example, taking fewer flights with airlines before picking on the cement industry.

The EU emitted 117Mt of CO₂ from its clinker and lime producers in 2018, a 2.7% year-on-year decrease compared to 120Mt in 2017. This compares to 158Mt in 2008, giving a 26% drop in emissions over the decade to 2018. However, there are two warnings attached to this data. First, there are plants on this list that have closed between 2008 and 2018. Second, there are plants that provided no data in 2018, for example, all the plants in Bulgaria. Climate change think tank Sandbag helpfully pointed out in its analysis of the EU emissions data that industrial emissions have barely decreased since 2012. The implication here being that the drop from 2008 to 2012 was mainly due to the economic recession. Sandbag also made the assertion that 96% of the cement industry’s emissions were covered by free allocations in the EU Emissions Trading Scheme (ETS) thereby de-incentivising sector willingness to decarbonise.

By country the emissions in 2018 from cement and lime roughly correspond with production capacity, although this comes with the caveat that emissions link to actual production not potential capacity. So, Germany leads followed by Spain, Italy, Poland and France. Of these Poland is a slight outlier, as will be seen below.

Table 1: Top 10 CO₂ emitting plants in the European Union in 2018. Source: European Commission.

Poland leads the count in the top 10 EU CO₂ emitting cement plants in 2018 with five plants. Greece follows with two plants. This list is deceptive as all of these plants are large ones with production capacities of 2Mt/yr and above. As it contains many of the largest plants in the EU no wonder the emissions are the highest. It is also worth considering that there are far larger plants outside of the EU.

In summary, as most readers will already know, the cement industry is a significant minority CO₂ emitter in the EU. Countries with larger cement sectors emit more CO₂ as do larger plants. So far, so obvious. Emissions are down since 2008 but this mostly seems to have stalled since 2012, bar a blip in 2017. The change though has been the rising carbon price in the EU ETS in 2018. Coincidentally the carbon price has been fairly low and stable since 2012. If the mechanism is working properly then changes should start to appear in 2019. Already in 2018 a few European cement producers announced plant closures and blamed the carbon price. Watch this space.

The Global Future Cement Conference & Exhibition on low and zero CO2 cement production will take place in Brussels, Belgium on 22 - 23 May 2019

Cyprus: Vassiliko Cement has won the Gold Environmental Protection Award in 2018 at the Pancyprian Environmental Awards for Organisations and Businesses. The prize was given for the cement producer’s implementation of its Corporate Social Responsibility Policy. Company staff worked with local communities, non-government organisations (NGO) and others. The competition was organised by the Cyprus Center for Environmental Research and Education, in cooperation with the government and other groups.

Cyprus: Vassiliko Cement has presented a new low hydration heat cement product, Portland Pozzolana Cement CEM II/A-P 42,5N-LH, to local clients. The new product will be launched in early October 2018. It will be targeted at larger construction projects, such as footing or dams, where the company says it will prevent the formation of micro-cracks in concrete.

Cyprus: The Statistical Service of Cyprus has stopped reporting data on the cement industry following a request by a local cement producer. It has announced that to safeguard ‘statistical confidentiality’ it will no longer disseminate monthly data for the production, sales and exports of cement and clinker. The department of the Republic of Cyprus apologised to the users of the data stating that it is obliged, under the provisions of the Statistics Law of 2000, to respect the request.

The island’s main cement producer is Vassiliko Cement, which operates an integrated plant in the southern Republic of Cyprus. Italy’s Italacementi owned a minority stake in the company before its takeover by HeidelbergCement. LafargeHolcim’s subsidiary Boğaz Endüstri ve Madencilik runs a cement grinding plant in the so-called northern Turkish Republic of Northern Cyprus.

Cyprus: Cyprus Cement has announced that it expects to see a ‘significant’ profit in the first half of 2016 compared to a marginal profit in the first half of 2015.