Oct 23 2012
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Egypt to offer USD450m cement license in South Sinai
The Egyptian industry ministry has decided to offer a new cement plant license in South Sinai, with USD 450 million in projected investments, an executive at the ministry told Zawya.
"The ministry's Industrial Development Authority (IDA) decided to develop South Sinai, where no cement plants exist, through offering this license," said Eng. Ismail Nagdy, the head of IDA, adding that the government is seeking to lift Egypt's cement production by 22 million tons per annum by 2015 from 50 million tons today. The plan is to increase production to 80 million tons per annum by 2020.
"The new plant will be built in Abu Zenima, which has all the raw materials needed for cement making, including clay, marble and power supply," Nagdy said.
"The main impediment to the development of Sinai and Suez Gulf is the deficiency of power supply to industrial communities," said Hamdy Abd El Azim, an economist. "The government's orientation of importing energy from the private sector, whether local or foreign, to overcome this problem and to support new cement plants is the right approach. The new plant will help develop the area."
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