Complex Made Simple

ASEC Cement plans to triple output by 2013

Giorgio Bodo , chief executive of Egypt's ASEC Cement has said the company is on track to triple its cement production in the Middle East and North Africa by 2013 and is finalizing talks with banks to boost production in Syria, Reuters has reported. The company has finished the first phase of its Syrian plant, 85-km north-east of Damascus, which it expects to bring in revenue of $93m in 2013. It is now finalising talks with Syrian banks to expand further. ASEC, a subsidiary of Cairo-based Citadel Capital, controls plants in Egypt, Algeria, Sudan, Syria, Iraq's semi-autonomous Kurdistan and Ethiopia with an annual combined cement production of nearly 4 million tonnes, Bodo said.