Displaying items by tag: GCW259
Qatar to get through 5.7Mt of cement in 2017
11 July 2016Qatar/Saudi Arabia: Saudi Arabia's decision to lift its cement export ban may help to meet Qatar's growing demand ahead of the FIFA World Cup 2022. Official data suggests that the peak demand for cement from Qatar's thriving construction and infrastructure industries is expected to reach 5.7Mt in 2017. Due to its population of around 2.2 million, this represents an incredible 2600kg/capita.
The Saudi government previously imposed a ban on cement exports in 2008 to push prices down and accommodate demand from large government-funded infrastructure projects, although some companies were allowed to export at prices lower than those in the local market.
According to market analysts, strong infrastructure spending by the Qatar government on infrastructure development will continue to boost demand for the cement sector. Huge projects are in the pipeline, including the Doha Metro, World Cup stadiums, roads and flyovers and sanitary works.
EAPCC to sell land to fund revamp
08 July 2016Kenya: The East African Portland Cement Company (EAPCC) is waiting for cabinet approval to sell US$98.8m worth of land as part of efforts to return to profitability.
The Nairobi bourse listed firm, through the Ministry of Trade, has prepared a brief for Cabinet approval to sell part of 13,000 acres of land it owns in Athi River.
Proceeds from the sale will be used to retire a US$37.5m debt and partly fund a revamp of its ageing plant, which requires nearly US$400m of investment to be brought to a level where the EAPCC can compete well with nimble rivals like Savanna Cement.
Norway: The Ministry of oil and energy of Norway has announced that it expects to complete every step in the development of carbon capture and storage (CCS), i.e. capturing CO2 emissions from an industrial plant, transporting it by ship and injecting it into a depleted oil and gas reservoir in the North Sea, by 2022. Investment would range between Euro460m and Euro815m.
The source of the CO2 could be one or more of three companies currently developing CO2 capture technology. These are the HeidelbergCement-owned Norcem Brevik plant near Oslo, fertiliser maker Yara International and a waste incinerator operated by the Oslo city council.
Planning and investment for the whole chain could reach Euro0.77-1.35bn, with a 40% cost uncertainty. The government plans to present further CCS plans in the state budget in October 2016.
TCC International Holdings issues profit warning
07 July 2016China: TCC International Holdings expects to swing to a loss in the first half of 2016, compared to a net profit US$10.5m in the first half of 2015.
The Hong Kong-listed cement producer said that the expected loss was due to lower selling prices for its cement products and a foreign-exchange loss from its US Dollar-denominated bank borrowings as a result of a weak Chinese currency. It will release interim results in August 2016.