Vassiliko Cement to produce 40% of energy needs from waste

Vassiliko Cement Works Public Co. Ltd. has intensified the drive to modernise its operations to cut costs, improve production and to produce up to 40% of its energy needs from locally processed recycled waste.

Executive Chairman Andreas Panayiotou told the Financial Mirror that the prospects of Vassiliko Cement Works (VCW) are ‘excellent’, but the drive to modernise and improve never stops as the island’s largest cement producer strives to boost productivity and quality, while forcing its costs lower.

After the 15% increase in total cement sales in 2005 to CYP 45.8 mln, VCW will probably maintain a satisfactory growth rate this year, but the prospects are set to improve from 2007 onwards as large infrastructure projects, like the airports construction, go into full swing.

“The new Larnaca airport building will have a capacity of 90,000 sq. metres, while the one in Paphos 20,000, plus the parking areas and other infrastructure work and you can work out how much cement this project alone will need,” said Panayiotou. He added that other large infrastructure projects in the pipeline will more than offset any possible decline in cement sales for home construction.

FOR FULL STORY go to www.financialmirror.com Research Center->Cyprus Economy->Energy , or see print edition of March 29, 2006.