Attock Cement Pakistan Limited (ACPL) has announced significant progress on its project in Iraq, confirming that the project is now at the commissioning stage.
The company is set to begin production in the near future, marking a major milestone in their international expansion endeavors.
In a statement submitted to the Pakistan Stock Exchange (PSX), ACPL shared the latest developments on their Iraq Project. According to the company’s announcement, all civil, mechanical, and electrical work for the Iraq Project has been successfully completed. The cement grinding unit is now at the commissioning stage, with the company eagerly anticipating the commencement of production.
ACPL is currently in the process of obtaining the necessary permissions for the import of clinker, a key component in the cement manufacturing process. Once these permissions are granted, the company will initiate the import of clinker and subsequently commence trial production.
The Iraq Project has been a significant undertaking for ACPL, reflecting the company’s ambition to expand its operations into international markets. The Economic Coordination Committee of the Cabinet (ECC) had approved ACPL’s request in March 2015 to remit $24 million for the establishment of a cement grinding unit in Basra, Iraq. This investment was made as equity investment, starting from March 2015 onwards.
The venture into Iraq holds substantial potential for ACPL. The project is expected to generate foreign exchange through dividends repatriation and bolster clinker exports. This expansion aligns with the company’s growth strategy and reflects its commitment to exploring new markets and business opportunities.
The cement industry plays a pivotal role in the construction and infrastructure development of any country. ACPL’s venture into Iraq is not only a testament to the company’s vision and ambition but also a positive sign for the cement industry in Pakistan. It showcases the industry’s potential for growth and innovation.
The expansion into Iraq is part of ACPL’s broader strategy to diversify its operations and tap into the opportunities available in foreign markets. The company’s commitment to international expansion is driven by a desire to enhance shareholder value and contribute to Pakistan’s economic growth by expanding its global footprint.
ACPL has been recognized for its commitment to quality and environmental sustainability in its manufacturing processes. The company’s expansion into Iraq is expected to uphold these standards, promoting responsible business practices and contributing to the growth and development of the Iraqi cement market.
As ACPL prepares for the commissioning of its Iraq Project, industry analysts and investors are keenly watching for updates on the project’s progress and its potential impact on the company’s financial performance. The successful launch of the project will likely result in positive outcomes for the company’s shareholders and further establish ACPL as a major player in the international cement industry.
The company’s announcement signifies a crucial step in its international expansion journey. The commencement of production in Iraq holds promise not only for ACPL but also for Pakistan’s cement industry and the broader economic landscape. It is a clear demonstration of ACPL’s commitment to growth and innovation in the dynamic world of cement manufacturing.
Attock Cement Pakistan Limited’s announcement that its project in Iraq has reached the commissioning stage is a significant development that highlights the company’s dedication to international expansion and diversification. The project’s success will be a testament to the company’s vision and ambition, and it is expected to have positive implications for ACPL’s shareholders and the broader cement industry in Pakistan and Iraq. As the company prepares to embark on this new chapter, its commitment to quality and sustainability is expected to contribute to the growth and development of the Iraqi cement market.
