China’s Anhui Conch Cement Co has signed a preliminary agreement to invest an estimated $2.35 billion to build four cement plants in Indonesia, Chinese media reported Tuesday.
Cement products made by the company’s first overseas factories will be sold in Indonesia and exported to neighbouring countries, the China Business News reported, citing Anhui Conch’s deputy general manager Zhang Mingjing.
The Chinese firm also plans to build coal-fired power plants to supply electricity to the cement factories in the Southeast Asian country, Zhang added. China, the world’s biggest cement producer, made 1.88 billion tonnes of cement in 2010, accounting for about half of global production.
But the government has warned the energy-intensive industry is too fragmented and plagued by overcapacity. The Ministry of Industry and Information Technology said in May it aimed to close outdated domestic factories that had accounted for 133.55 million tonnes of annual cement production as part of a wider crackdown on heavy polluters.
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