ASEC Minya Cement, affiliate company of ASEC Cement, announced the commencement of the new factory's production in Minya governorate to produce grey cement. The step came to meet the cement needs of the major infrastructure projects specifically held in the framework of a comprehensive development plan in Upper Egypt governorates. The ASEC Menya Factory, with investment cost amounting to almost $360m and a production capacity of up to 2 million tons annually, depends on implementing the most advanced technologies in the cement industry internationally while complying with the most important and highest international environmental standards. On this occasion, Mr George Budo, CEO of ASEC Cement, expressed his deep gratitude for the beginning of the new factory's production despite the challenges and difficulties coloring the economic atmosphere in Egypt. The step reflects significant trust in the Egyptian investment atmosphere and its ability to recover easily. Budo pointed out that the security problems and the fuel shortage in addition to other turmoil had caused huge obstacles to inaugurating the project. He confirmed that the company managed to overcome all these challenges through an innovative alternative plan to prevent seizing the project or merely hindering it. Budo highlighted that the project will offer 400 new job opportunities beside offering extra 800 indirect jobs. He called for international collaboration to regain the industrial and commercial movement, especially after two years of 25 January Revolution. From his side, Major Salah El Din Mohamed Zeyada, Minya Governor, praised the event, saying that it will move the Egyptian economy forward and provide job opportunities for the governorates residents. He also stressed the role played by ASEC company towards Minya governorate whether on the sports or educational levels. It is expected that the new factory will be linked to a national electricity network through connection line at Samalote station on 42 Kms. However, the extension of the organisational measures necessitates using electrical generators and other temporary solutions to feed the factory with electricity through the end of 2013. It is to be noted that the construction of the project started in December 2010 and has been ceased after one month due to the consequences of 25 January Revolution. ASEC Cement set a strategic plan to complete the project and start clinker production in a record time of 28 months. The new factory is located 200 km away from South Cairo and 50 km from North Minya city. This is the second factory to be inaugurated by the company in 5 years in addition to a whole integrated factory in Sudan where production started in November 2010 with a production capacity amounting to 1.6 million tons annually. ASEC Cement is considered the biggest shareholder in ASEC Minya, where it owns 45% of the project. The shareholders include: Misr Cement-Qena, owning 13.9%; Hayel Saeed Group, owning 30.7%; the Danish Institute for development and Flsmidth company, owning 9.2%; and other shareholders owning 1.2%. The ASEC Minya project is one of the largest funding operations in Egypt, using the most advanced equipments imported from leading international companies engaged in manufacturing cement factories production lines.
