BEIRUT (Zawya Dow Jones)--Saudi White Cement Co., or SWC, has signed a 152.6 million Saudi riyal ($40.7 million) contract with France's Fives FCB as part of plans to expand daily production capacity to 1,000 tons from 700 tons at present, Saudi-based Al Riyadh daily reports Saturday, citing SWC's chairman Prince Faisal bin Abdul Majid bin Abdulaziz.
The expansion project, which is expected to be completed in mid-2012, will boost the plant's annual output to 350,000 tons, which will represent about 60% of local demand for white cement, the paper reports.
SWC, the kingdom's only white cement producer, was established in 1997 with a capital of SAR300 million, Nasser Akeel, the company's managing director, said according to the daily.
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