Summary of Proposed Investment
Project Number
7854
Company Name
Tvornica Cementa Koromacno d.d.
Date SPI Disclosed
Mar 28, 1997
Country
Croatia
Industry
Manufacturing
Status
Completed
Sector
Cement
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Jun 19, 1997
Signed : Nov 29, 1997
Invested : Mar 27, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Croatia-Koromacno Cement |
| Region | Europe |
| Sector |
Projected Board DateMay 29, 1997
Company NameTvornica Cementa Koromacno d.d.
Technical Partner and/or Major Shareholders
The majority shareholder, with a 52.4% interest, is Societe Suisse de Ciment Portland S.A. (SSCP) of Switzerland, a cement and building products producer whose primary activities are in Switzerland and Italy. SSCP is itself majority owned by Holderbank, the world''s leading cement producer.
Other shareholders include the Croatian Development Fund 29.7%, the Manufacturing Workers Pension Fund 11.8%, the Farmers Pension Fund 5.1% and others 1%.
Project Cost Including proposed IFC investment
The total Phase II project cost is estimated at US$27.2 million equivalant, of which it is proposed that IFC provide US$13.3 million equivalant as a loan.
Location of project and Description of site
Koromacno is located on the southern tip of the Istrian peninsula - between Pula and Rijeka. The plant is well located on the waterfront, with its own harbour facilities and adjacent to its own quarry reserves.
Description of Company and Purpose of Project
Formerly a socially-owned enterprise, Koromacno was converted into a joint stock company in 1992 and majority ownership sold to SSCP of Switzerland. Since 1992 Koromacno has invested US$36.6 million equivalent in the Phase I modernization which has substantially improved the environmental standards and ensured the continued long term use of this national industrial asset.
The project will continue and essentially complete this modernization. Specifically, the project will complete the environmental upgrading of the plant to west European standards, develop the distribution and marketing infrastructure to provide improved and quicker customer service and, increase the plants capacity from 1,100 mtpd to 1,500 mtpd of clinker.
Environmental Category and Issues
This is an environmental review category B project. Environmental, occupational health and safety issues associated with this project include air emissions, including emissions from kiln firing with alternative fuels, liquid effluents, noise, spill prevention and protection of water resources, solid and liquid waste disposal, potential contamination of distribution terminal sites from present or past uses, fire prevention, equipment safeguarding and employee exposure to noise and dust. The Phase I modernization, completed in 1995, substantially improved the environmental standards of the plant which now approaches West European standards. Phase II (the Project) will continue this process and further reduce emission levels, enabling the plant to meet West European standards. Additionally, a part of the project will involve modifications to the kiln to permit the burning of alternative fuels (old tyres and used motor oil ) which is highly beneficial to the environment as they will reduce the consumption of primary fossil fuels and relieve the community of a waste disposal problem. Approximately 28% of project cost is environment related.
The is from the Public Information Center.
| Date SPI sent to PIC | March 28, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
Related ESRS/ERS
