Cairo –  Suez Cement announced signing an agreement with the Egyptian Refining Company (ERC) to purchase locally-produced petroleum coke.

The deal includes the supply of 200,000 tonnes of petcoke annually, the cement producer said in a statement to the Egyptian Exchange (EGX) on Wednesday.

Delivery will start immediately, the statement added.

The agreement allows “Suez Cement Company to partially source its fuel mix locally reducing logistics costs, and so ensuring the continuity and stability of supplying high quality products to its customers,” according to the statement.

During the first quarter of 2019, the cement producer’s net profits hiked to EGP 213.07 million, compared to EGP 117.06 million in the corresponding period a year earlier.

Source: Mubasher

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