Riyadh – Mubasher: Umm AlQura Cement signed an agreement with Aramco on Monday, to purchase fuel for its new Portland cement production line, the company announced.
Trial and commercial production operations are expected to be carried out by Umm AlQura in the third quarter of 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
It’s hard to currently measure the financial outcome which will be seen after sales begin, since it is relevant to supply and demand, the report added.
In June, the company said the Saudi ministry of Energy Industry And Minerals agreed to provide the necessary fuel on the condition that the cement company provides SAR 100 million letter of credit.
