Displaying items by tag: Palestinine

Palestine: Jericho Cement Company plans to establish the first cement plant in Palestine by 2022. The Arab News newspaper has reported that the planned 1.1Mt/yr plant will cost US$85m. Funding will come from a group of companies and the Palestinian Investment Fund.

The State of Palestine presently imports its cement from Israel and Jordan.

Palestine: Saudi Arabia’s Al Jouf Cement has signed a deal with Sanad Trading and Marketing to export 50,000t/yr of cement and clinker. The financial impact from the agreement is expected to be noticed from the middle of the fourth quarter of 2018 onwards. The deal follows a memorandum of understanding that was signed between the companies in August 2018.

Israel/Palestine: Norwegian insurance giant KLP Kapitalforvaltning has divested two international building material companies, HeidelbergCement and Cemex, from its investment portfolio because of their operations in the West Bank.

According to news agency Haaretz, KLP divested its shares effectively on 1 June 2015, citing international law as set in the Hague and Geneva conventions. Haaretz added that the move is part of KLP's half-yearly review of companies in its portfolio. HeidelbergCement and Cemex acquired companies with Israeli subsidiaries operating quarries in Area C, West Bank, which is under complete Israeli civilian and military control as defined by the Oslo accords. KLP also excluded five more companies because of their income from coal-based operations, one for corruption, one for severe environmental damage and one for the production of tobacco.

"The extraction of non-renewable resources in occupied territory may weaken the future income potential of the local population, including the Palestinian residents. Moreover, when this is undertaken in a way that is difficult to justify within the requirements of the law of belligerent occupation, KLP considers that this activity represents an unacceptable risk of violating fundamental ethical norms," said KLP in a statement.