Acquisition of Ras al Khaimah-based Pioneer Cement Industries gives Raysut Cement access to a mine in Georgia that it wants to extract from
Oman’s largest cement maker, Raysut Cement, is looking to grow its share of the global market by building a facility in the Central Asian state of Georgia.
The company has approved an initial study to consider building a 1 million tonne per annum cement plant near the country’s capital, Tiblisi.
Through its subsidiary, Pioneer Cement Industries Georgia Limited, Raysut Cement owns a mine with over 30 million tons of Limestone reserves 60 kilometers away from Tiblisi. The company expanded its production to Ras Al Khaimah in the UAE in 2011 by acquiring 100 percent of Pioneer Cement Industries in 2011.
Raysut Cement’s plans on becoming a 20 million ton cement company by 2022, and expects a final decision on the plant in Georgia to be taken by June this year “at the latest”, it said in a statement.
“Discussions have commenced with possible partners for both equity participation and engineering, procurement and construction contracting,” it added.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.