Mubasher: Al Anwar Holdings on Tuesday announced signing an agreement with Iran’s Hormozgan Cement Company (HCC) to establish Hormuz Al Anwar Cement Company.

The main of purpose of this partnership is to start a greenfield cement unit in the Al Duqm Special Economic Zone with a production capacity spanning from 600,000 tonnes to 1 million tonnes annually, Al Anwar said in a statement to the Muscat Securities Market (MSM).

HCC is a Tehran-listed cement production company with a capacity of 3 million tonnes annually.

The Omani company expects that the investments in this project will reach OMR 10.5 million ($27.2 million) which will be financed through loans and shareholders' equity.

The start of the project is awaiting the approval of the relevant regulators and the required funding from the banking institutions in Oman, Al Anwar added.