26/07/2007
ANNOUNCEMENT: NEW GREENFIELD CEMENT PLANT IN ALBANIA
Titan Cement Group announces that yesterday, July 25, 2007, its subsidiary in Albania Antea Cement Sh.A., signed in Tirana a turn-key contract for the construction of a new cement plant in the area of Boka e Kuqe near Kruje. with the specialized Chinese cement equipment manufacturer and contractor, CBMI Construction Co. Ltd.
Titan Group has secured a 99 years lease and right of use for the quarries and the land of the Plant, through an agreement with the competent authorities which has been ratified by the Albanian Council of Ministers.
Titan’s greenfield investment is expected to be operational in December 2009 and will be built to the most advanced specifications in environmental standards. Cement capacity will be of a 1.5-million-ton-per-annum and will allow the supply of the Albanian market as well as exports to the international markets. The investment includes the development of the required quarries, infrastructure and logistics.
The total project cost is estimated at €170 million and will be financed by the Titan Group. The International Finance Corporation (IFC) and the European Bank for Reconstruction & Development (EBRD), could potentially participate in part of the project as equity investors, both of which are in advanced negotiations with Titan.