Vassiliko in new investment projects

Vassiliko Cement Works Public Co. Ltd. announced that two large investment projects aimed at increasing its electricity output are underway.

Within the framework of the constant efforts to reduce the energy cost, Vassiliko Cements signed an agreement with a well-known foreign company in order to increase the capacity of the electricity output station by 5MW.

The Company has a similar station since 2003 and has saved more than CYP 600,000 in 2005 in energy costs. It has also achieved environmental benefits due to the co-production method that it has adopted.

The above increase entails an investment of CYP 1,500,000, while the annual economic benefits will be similar to that of the existing plant. The new unit will operate in July.

In 2006, the Company will start constructing a new silo clinker with a capacity of 90,000 tons. The total investment stands at CYP 6,000,000 and will be completed in 2007. The project will contribute significantly to the efforts for the protection of the environment, diminishing the dust emission level, the improvement of quality of the final products and the drop in operating cost.