OREANDA-NEWS. On 02 June 2009 was announced, that the Iranian company “AZARAB IND.CO.” intends to carry out an investment project on constructing and running a cement factory in Vetka District, Gomel Region. Presidential Decree No 261 of 26 May authorised the Gomel Regional Executive Committee to sign the investment contract.

The resource base for the production of cement is the chalk mines “Podkamye” and “Shirokoye” in Vetka District. The Iranian investor will be granted a 50-year license to exploit the chalk mines.

The cement factory with an annual capacity of 1.2 million tonnes of cement is expected to be built within 28 months. A total of ?185 million is expected to be invested in the project.

It is expected to involve Belarusian companies in geological surveying, production of non-standard equipment, delivery of machinery and equipment parts and provision of other services.

One of the mandatory provisions of the contract involves a free-of-charge passing into the ownership of the Republic of Belarus of an 11 per cent stake in the authorised fund of the joint limited liability company “BrilliantCementCompany” which is being founded with the view of carrying out the investment project.