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Chinese corporation SITIK will be an investor of modernization of Belarus cement works.

16 November 2007

Chinese corporation SITIK will be an investor of modernization of cement works and will supply all necessary equipment. It has been told by the Deputy Minister of construction and architecture Vladimir Malets.

Vladimir Malets has emphasized that all three Belarus cement works (PC “Krasnoselskstroimaterials”, MRUE "Krichevtsementnoshifer", Belorussian Cement Works) will be simultaneously financed.

In the beginning, Chinese party intended to take part only in reconstruction of the Belarus Cement Works. As a result of negotiations more scale agreement has been reached. It is planned to establish lines of identical capacity 1.8 billion tons of cement per year on all enterprises.

As the deputy minister has noted, intergovernmental framework agreement (signed in November) on granting of credit by China to Belarus in volume $500 million (on purchase of three cement manufacture lines) has created conditions for development of working contracts between cement works and Chinese corporation. Contract between "SITIK" corporation and Belorussian Cement Works is almost ready. This document becomes a basis for working out contracts with two other enterprises.

It is planned to sign all three contracts on lines purchase till January, 1st, 2008. As Vladimir Malets has noted, by this time Belarus and Chinese parties plan to approve schedules of industrial works and schedules of their financing.

As deputy minister has noted all these questions are on the stage of practical working out and specification. Belarus cement works are planning to start development of means given by China in the first months 2008. All three lines should be put into operation by 2010 that will allow to increase release of cement from present 3.7 million tons up to 9 million tons and more.

In the near future in China two Belarus working groups will be created. One of them will start to solve technical and ecological questions, second - financial. Structure of both groups will be composed of a plenty of factory experts.

BelTA

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