OREANDA-NEWS. May 04, 2008. BUILD INVESTMENTS GROUP JSC (Astana), bonds of which are traded in the Kazakhstan Stock Exchange (KASE) category "B" official, provided to KASE the press-release which informs that at the end of February the company signed the agreement with Holding Company Sibirski Tsement OJSC on strategic cooperation under the project of being constructed cement plant "BI Cement" near Astana, reported the press-centre of KASE.

BUILD INVESTMENTS GROUP JSC informed that according to the agreement terms the partners' stakes in the project will make up 50 % per each, the marketing policy will be determined by the Kazakhstan co-owner.

Kazakhstan investment company Blackstone Capital organized the deal and provided financial consultations. The funding is provided by BTA Bank JSc in cooperation with Fortis Bank NV-SA (Belgium).

According to the information the planned production volume initially made up 550 th. tons per year, by terms of the signed agreement the volume was increased by 1 750 th. tons per year. The total amount of the project funding increased from USD120 m. to USD320 m.

The plant construction was significantly changes - by new terms "BI Cement" will start producing cement on the imported clinker, which will delivered by Sibirski Cement plants, in the fourth quarter of 2008. In addition, according to the above-mentioned agreement in the current year will start construction of the second plant. The plant will start functioning at full capacity in 2.5-3 years.

"Cooperation with Sibirski Cement will allow the significant decrease of possible risk during the technical and economical project implementation, in addition, in case of possible over saturation of the cement market, the product will be exported", - said Chairman of the Board of BUILD INVESTMENTS GROUP JSC Aidyn Rakhimbaev, whose words were cited in the press release.