Lebanon to boast biggest cement factory in Middle East

Lebanon confirmed that the Lebanese Al Touraba Company, the biggest cement company in Lebanon, has inaugurated the biggest cement furnace in the Middle East. This project is expected to decrease the cost of cement while it will increase production.

Lebanese Premier Rafik Hariri inaugurated the furnace, whose cost is $170 million. The new furnace will replace 4 old furnaces and increase production from its present figure of 1.65 million tons to 2.2 million tons in the future.

Hariri said that this furnace is an addition to the Lebanese establishments and will increase the production. It is considered the biggest furnace in the Middle East. The company plans to extend its activities to exporting to the external markets by the end of 1998.

The Lebanese premier stated that the cement could be exported to Europe and the USA. The company had issued shares worth $50 million in January 1996 to be able to finance the modernization of the company, which included setting up the new furnace. The new furnace was supposed to start its production last July.

The company declared that its net profits increased by 20% in 1996, reaching 22.89 billion lira compared to 19.025 billion lira in 1995.

Al Touraba company is considered the second biggest non-banking company in Lebanon after Solidaire, which manages the reconstruction process in Lebanon.