Home MMBIZ News Chinese Firms Sign $733m Cement Deals in Myanmar, Nigeria

Chinese Firms Sign $733m Cement Deals in Myanmar, Nigeria

Chinese firms CITIC Heavy Industries and Sinoma have agreed deals totalling $733 million to produce cement in Myanmar and Nigeria, respectively, as they expand in emerging markets overseas.

CITIC Heavy Industries is collaborating in Myanmar with a unit of Siam Cement Group, Mawlamyine Cement Ltd, on a cement production facility with a capacity of 5,000 tonnes per day, it said in a statement.

“The signing of the project and a smooth implementation will have a positive impact on the company’s future operations,” CITIC Heavy said.

“It will also further develop the company’s presence in the southeast Asian cement market, giving a boost to our financial results.”

The project, worth $197 million, follows a similar contract that CITIC Heavy and Thailand’s Siam Cement signed in May to build a cement production line in Cambodia, CITIC said in the filing on the Shanghai stock exchange.

Sinoma International Engineering Co Ltd, a unit of China National Materials Co Ltd, signed a $536 million contract with Nigeria’s Dangote Cement Plc, Sinoma and National Materials said in separate statements.

Sinoma and Dangote, owned by Nigerian billionaire Aliko Dangote who is Africa’s richest man, will be building two clinker cement production lines, each with a daily capacity of 6,000 tonnes.

In November, China Machinery Engineering Corp entered a $236 million agreement with Kar Group for a 6,000 tonne-per-day cement plant project in Iraq.

- Advertisment -

Must Read

Govt to Lend K20 Billion Loans to Over 1,000 businesses 

အောက်တွင် မြန်မာလို ဖတ်ရှုနိုင်ပါသည် The government of Myanmar has announced that it will provide a total of K20 billion to over one thousand businesses, who applied...