EUR200m Libyan Cement Company Investment

By John Lee.

The Libyan Cement Company (LCC) held a major management meeting in Benghazi, with over 60 senior managers from across the LCC group were invited to hear about the latest progress and the Company’s plans for the future.

According to a statement from the company:

LCC is back in business. Kilns are turning, mills are grinding, and trucks are rolling out the gates bringing cement to the people of Benghazi for the first time in 5 years. Chairman and CEO, Robert Solomon, said it has been a long hard road to get to this point. And we must be clear, there is still a long, long way to go. But today it’s a great feeling to be back.

“In February another 150 employees were called back to work. We now have over 1,000 workers back in full-time employment. More will be progressively called in months to come.

“During the meeting top management acknowledged our team in the AlFataiah Factory outside of Derna. It is their stalwart efforts that has kept the Company afloat during the dark days and have put us in this position to move forward. The owners and shareholders thank them.

“Managers also heard about the Company’s plans for the future.

“LCC has announced firm plans for a major investment program which will see around € 200 million spent in expanding the production capacity. The planning is in the advanced stages, with tenders already issued for the Engineering, Procurement and Construction (EPC) of a mixture of new and upgraded facilities that will increase the production capacity by more than 50%. Increasing capacity from around 2 million tons per year to over 3 million tons per year of cement.

“Financing for the project is close to being in place with the CBL, major Banks and Funds and other interested parties having been briefed about the plans during the past 6 months. Applications for approval under Law 9 have been made to the PIB who have promised their full support.

“Solomon said these plans will turn the Company’s vision to produce 3 million tons of cement a year into a reality. We are the leading manufacturer and supplier of cement in Eastern Libya, and our mission is to maintain that position. We aim to let our Corporate Principles be our guide.

    • Working together to maximize outputs
    • Sharing and transferring knowledge and know-how
    • Applying the Customer Concept. Understanding the customers’ needs and wants
    • Networking and building relationships with all our Stakeholders.

(Source: LCC)

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