Middle East Calcined Clay and Netherlands-based Kaolin Group International plan to build a limestone calcined clay cement plant in Oman. The partners have hired Spain-based turnkey plant engineer IPIAC to supply equipment including its Plug and Clay clay calcination unit. The new plant will produce limestone calcined clay cement with 40% lower CO2 emissions than ordinary
India-based UltraTech Cement has issued a guarantee of US$147m in favour of the Singapore branch of Sumitomo Mitsui Banking Corporation. Reuters has reported that the guarantee is for a credit facility in favour of the producer’s UAE subsidiary UltraTech Cement Middle East Investments. UltraTech Cement Middle East Investments obtained a majority stake in Duqm Cement
Emirates Cement (Arkan) has appointed Oman and Etihad Rail Company (OER) to provide train transport for imported Omani limestone to its 1Mt/yr Al Ain cement plant. Saeed Khalfan Al Ghafri, CEO of Emirates Cement (Arkan)’s parent company, Emirates Steel Arkan Group, said “Our collaboration with OER enhances our supply chain capabilities by leveraging the railway
Huaxin Cement informed the Muscat Stock Exchange of its intent to buy a further 5.1% stake in Oman Cement on 3 July 2023. Zawya News has reported that this would increase the China-based group’s stake in Oman Cement to 64.7%. It acquired its existing 59.6% in the producer for US$193m earlier in 2023, but subsequently
Oman Cement has appointed Zhu Yaping as its chief executive officer. The appointment follows the retirement of Salim Abdullah Al Hajri in the post. Zhu Yaping holds over 30 years of experience in the cement sector working for Huaxin Cement. His roles for the cement producer included that of plant manager in Hubei, maintenance manager
Oman Cement has appointed Xu Gang, Chen Qian, Ian Riley and Li Yeqing as temporary board members following its acquisition by China-based Huaxin Cement. The new personnel will remain in place until the company’s next ordinary general meeting. Former chair Rashid Sultan Al Hashmi and board members Mohammed Sulaiman Al Salmi, Mohammed Abdullah Al Harthi
Huaxin Cement completed its acquisition of a majority stake in Oman Cement this week. The China-based company estimated that the purchase price was around US$193m. Following the transaction with a subsidiary of the Oman Investment Authority, the country’s sovereign wealth fund, the cement producer now controls just under a 60% share in Oman Cement. A
China-based Huaxin Cement has concluded a share purchase agreement with Omani sovereign wealth fund Oman Investment Authority (OIA) for the acquisition of a 60% stake in Oman Cement. ASDQ Financial News has reported the value of the deal as US$193m. OIA director general of private ownership Ibrahim bin Said al Eisari said “This exit comes
China-based Huaxin Cement completed its acquisition of a 60% stake in Oman Cement on 5 April 2023. That the group completed the transaction via a Abra Holdings, a wholly-owned subsidiary incorporated in Mauritius. In a submission to the Hong Kong Exchange, Huaxin Cement stated the estimated purchase price for the stake as US$193m. Oman Cement