Attock Cement announces completion of Iraq project

Attock Cement announces completion of Iraq project

KARACHI: Attock Cement Pakistan Limited (ACPL) on Monday announced that its project in Iraq is ready at commissioning state and the company will start production very soon.

According to information sent to Pakistan Stock Exchange (PSX), the company said that the entire civil, mechanical and electrical jobs on Iraq Project had been completed and cement grinding unit was now at commissioning stage.

“The company is in the process of obtaining permission for the import of clinker,” it said.

As soon as the permission is granted, the company would start the process of import of clinker and thereafter start the trial production.

The Economic Coordination Committee of the Cabinet (ECC) in March 2015 allowed ACPL to remit $24 million for the establishment of a cement grinding unit in Basra, Iraq on account of equity investment, starting from March 2015 onwards.

The proposed investment venture is expec­­ted to bring foreign exchange through dividends repatriation and growth in clinker exports, according to media reports.

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