Karachi: Lucky Cement Limited, the largest cement producer in Pakistan by capacity, has started commercial production from its production facility in Iraq’s Samawah city. The cement plant has the capacity to produce 1.2 million tonnes of cement annually.
The plant in Samawah city area is a joint venture between Pakistan’s Lucky Cement and Iraq’s Al-Shamookh Group. With this addition in production capacity, Lucky’s total overseas production and cement grinding capacity reached 4.12 million tons per annum, Lucky Cement said in a statement to the Pakistan Stock Exchange (PSX).
Iraq, a war-torn but oil-rich country is struggling to bridge the gap between the housing demand and the rebuilding of civil housing and other facilities that may take years to cover. However, the recent recovery in oil prices is expected to increase the pace of rebuilding activity in the country that will prove positive for the construction industry.
The Iraqi oil minister, Ihsan Abdul Jabbar, said in the Iraq Petroleum conference held in October 2020 that the oil price recovery from the second quarter of this year will help the economy. “I think quarter two of 2021 will be more attractive to every aspect of our business,” Jabbar said.
Lucky Cement Limited was founded in 1993 and is the flagship company of Yunus Brothers Group (YBG). Lucky Cement is one of the largest producers and leading exporters of quality cement in Pakistan and is listed on the Pakistan Stock Exchange (PSX). The Company has also issued Global Depository Receipts (GDRs), listed and traded on the Professional Securities Market of the London Stock Exchange, and is the first Shariah Compliant Company of Pakistan certified by theSecurities and Exchange Commission of Pakistan (SECP).