Riyadh – Mubasher: Arabian Cement Co on Wednesday forecasted that the commercial operation of the grinder facility in its plant in Rabigh will start in the third quarter of 2018, instead of Q4-17.
The construction works in the project are still ongoing and the delay in operating is attributed to the contractor who does not commit to the scheduled deadline, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi cement firm stated that it is difficult to determine the financial impact of the new facility as it depends on the supply and demand of the cement market.
In November 2016, the cement provider expected the facility will start commercial operations in Q4-17 instead of Q1-17.
In 2015, Arabian Cement Co signed a SAR 362 million agreement with China National Building Material Company (CNBM) to supply electrical and mechanical equipment to the company's new plant in Rabigh.
By 10:37 am KSA time, Arabian Cement Co’s stock rose 0.30% to SAR 33.30.
