Cherat Cement greenfield project likely to be delayed

The management of Cherat Cement Ltd informed that a letter of credit for the 8000-9000tpd greenfield project at Dera Ismail Khan in Khyber Pakhtunkhwa, Pakistan, has not been opened yet and may be delayed.

It added that new letters of credit cannot be opened currently due to State Bank of Pakistan restrictions and economic instability. The cost of the project will be decided once the PKR-US$ partity stabilises, but it is estimated at US$40m.

To date, the project has seen ground works such as levelling land being carried out. The 13.05MW captive solar power project was launched in the 4QFY21-22 with its full impact expected to be visible in the FY22-23.