Oil Report

Greece's Titan to build cement plant in Albania

TIRANA, July 26 (Reuters) - Greece's Titan Cement Group TTNr.AT will build a cement plant costing 170 million euros ($233.3 million) in an area north of Albania's capital Tirana, it said on Thursday.

Titan said its Albanian subsidiary Antea Cement Sh.A. signed a contract with the specialized Chinese cement equipment maker CBMI Construction Co.Ltd. after securing a 99-year lease on the land and the right to use quarries.

The plant will start producing 1.5 million tonnes of cement per year to supply Albania’s booming construction industry and international markets when it starts work in December 2009.

Prime Minister Sali Berisha welcomed Titan’s investment as a vote of confidence by foreign investors and said it would be joined by three bigger projects that will increase investments in the industry to 1 billion euros.