Anhui Conch Cement Company Ltd requires US$500m from financial institutions to bring its plan for a cement in Russia to fruition, according to Xu Yue, Anhui Conch's minister of equipment.

Anhui Conch Cement signed an agreement with Ulyanovsk Oblast Development Group to develop the project together on 19 July 2016 and a joint venture was agreed in December 2016. Anhui Conch concluded that Ulyanovsk State's cement project was the best of a number of possible cement projects along the Federal District of Volga.

The project includes a 5000tpd clinker production line, supporting gas-fired power generation projects, and necessary production and living facilities. "Currently the project is still in the pre-preparation stage, and design and equipment procurement has not yet started," said Xu.

Standard Life Aberdeen plc and Schroders plc have both increased their shareholdings in Anhui Conch Cement due to the expectation of growing cement prices in the region.