• Most Popular
  • Most Shared

France's Vicat to build cement plant in Kazakhstan

Thu May 29, 2008 2:24am EDT

Stocks

   

ALMATY, May 29 (Reuters) - French cement maker Vicat (VCTP.PA) and Kazakh group Kazkommerts Invest will build a cement plant in the Central Asian state at an estimated cost of $230 million, Kazkommerts Invest said on Thursday.

Vicat has a 60 percent stake in the project, while Kazkommerts Invest (KKI) owns the rest.

"The shareholders have invested $60 million, and the remaining $170 million will come from a syndicated loan," KKI Chief Financial Officer Murat Temirkhanov told Reuters.

He said the companies were in talks with the International Finance Corporation, the World Bank's private sector arm, over arranging the loan.

The plant, due to be built by 2010, will have an annual capacity of 1.1 million tonnes of cement. China's Triumph Engineering International will carry out construction work, Temirkhanov said.

Kazakhstan's highly leveraged construction sector was hit hard by the global liquidity squeeze, but analysts see a quick recovery due to persistent demand. (Reporting by Tatiana Seroshtanova; Writing by Olzhas Auyezov, editing by Will Waterman)



More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
File photo of snow covered Uhuru peak of the largest free-standing volcano in the world, Mount Kilimanjaro in Tanzania, taken on March 10, 2006. REUTERS/Neil Wallace
Postcards to Copenhagen:

Wish we weren't here

Mount Kilimanjaro's melting snow cap is one of many things forever altered by climate change. Here's a snapshot of a world dealing with environmental destruction.   Full Article 

Climate conference
People prepare to lower the body of one of the ministers killed in a blast from a suicide bomber last Thursday at Shamo Hotel in Somali's capital Mogadishu December 4, 2009. REUTERS/Feisal Omar
witness:

Scenes of a "slaughterhouse"

War is just about the only story to tell in Somalia. But when one reporter tried to cover an event reflecting positive change, violence reared its ugly head again.  Full Article 

World