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FINANCIAL NEWS
Turkish firm to invest $100m in Iraq cement plant
04 Dec 2010
(MENAFN) A Turkish company received the Sinjar Cement Plant to develop and invest it for 15 years, according to a source from the Northern Cement State Company (NCSC).
The Turkish company received today (Dec. 2) the Sinjar Cement Plant, located northwest of Mosul city, to launch investments there at about $100 million, Hussein al-Khafaji told Aswat al-Iraq news agency.
The investment process in the plant envisages an increase in the plant’s production to 1.800 tons annually. The agreement, signed at the plant headquarters in the present of representatives from the Turkish firm, involved pledges to keep Iraqi employment intact, he said.
The Iraqi ministry of industry & minerals had signed three months ago an agreement with the Turkish company to develop the Ninewa-based NCSC cement plants, including the Sinjar Cement Plant.
Mosul, the capital city of Ninewa province, lies 405 km north of Baghdad.
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