Last checked at 16 Mar 2015 07:00
Lafarge's ECOCEM signs memorandum of understanding with Orascom Telecom Media and Technology
MOU is the first step in a plan to develop a waste management framework
Cairo, Egypt, 14 March, 2015 - At today's Egypt Economic Development Conference in Sharm el-Sheikh, Lafarge Egypt and Orascom Telecom Media and Technology Holding S.A.E ("OTMT") announced that they have signed a memorandum of understanding to develop a waste management framework of municipal and agricultural waste. The memorandum, signed by Mr. Hussein Mansi, Chief Executive Officer, Lafarge Egypt and Mr. Tamer el Mahdy, Deputy CEO and Chief Operating Officer, OTMT, has been created by the two Companies in an effort to process large volumes of municipal and agricultural waste into alternative fuels to be used in the Lafarge plant in Egypt, among other companies. The Minister of Environmental Affairs, Khaled Fahmy, in addition to Mr. Eric Olsen, Executive Vice President, Lafarge Group, and Mr. Naguib Sawiris, Chairman and Chief Executive Officer, OTMT, were also witnesses to the signing.
The memorandum of understanding represents an important step towards sustainable development in the country, and will begin the creation of a circular economy through the reduction of garbage burning and waste dumping. The agreement will also create new employment opportunities and will reduce the dependency on fossil fuels in the country. Lafarge Egypt and OTMT carefully chose the Egypt Economic Development Conference as the location for the signature to take place, as it is a key milestone in the implementation of the government's medium-term reform program designed to accelerate the economic development of Egypt.
"We are very excited about this venture as it is one of our main new projects that we intended to launch as a new investment of OTMT," commented Naguib Sawiris, Chairman and CEO of OTMT.
"In line with our 'Building Egypt 2030' campaign, Lafarge is committed to help solve the issue of waste in Egypt, and take steps toward sustainable development," said Hussein Mansi, CEO of Lafarge Egypt. "At Lafarge Egypt, we feel it is our responsibility as a leader in building solutions to provide services beyond our normal scope in cooperation with Orascom Telecom Media and Technology. Sharm el-Sheikh was a natural place for this signature, given the importance of this conference for the country's future and the implementation of the medium-term reform program designed to accelerate the economic development of Egypt."
Lafarge is a world leader in building materials and is a market leader in Egypt. Lafarge Cement Egypt has been the pioneer in providing effective and environmentally reliable thermal treatment solutions in Egypt with great success and a proven track record. Ecocem Industrial Ecology Egypt is a Lafarge subsidiary responsible for developing, sourcing and pre-treating solutions to facilitate the recovery of wastes into alternative fuels materials. The Lafarge cement plant co-processes the fuels with full compliance to international environmental standards and sustains its high quality cement products.
Lafarge Egypt and Ecocem have implemented many projects over the past 3 years in order to increase the use of alternative fuels and aim to achieve an average fuel substitution rate of 25% by the end of 2015. More than 260,000 tons of waste have been processed and burnt in Lafarge's Sokhna plant since 2013, equivalent to 100,000 tons of fossil fuels. The use of these alternative fuel aims to limit greenhouse gas emissions by reducing the use of fossil fuels, to diversify energy resources and reduce energy costs and to serve the community by recycling waste that would otherwise have to be processed and eliminated.
OTMT is a holding company with investments in companies operating in Egypt, North Korea, Pakistan, Lebanon and other North African and Middle-Eastern countries. The current activities of OTMT vary between GSM, Media and Technology and Cable Businesses. OTMT recently expanded its lines of operations into the new fields of Energy, Transport & Logistics, waste management and Telecom Infrastructure. This MoU resembles a key milestone to OTMT's commitment towards expanding its line of operations and serving the Egyptian economy.
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About LafargeA world leader in building materials, Lafarge employs 63,000 people in 61 countries, and posted sales of €12.8 billion in 2014. As a top-ranking player in its Cement, Aggregates and Concrete businesses, it contributes to the construction of cities around the world, through its innovative solutions providing them with more housing and making them more compact, more durable, more beautiful, and better connected. With the world's leading building materials research facility, Lafarge places innovation at the heart of its priorities in order to contribute to more sustainable construction and to better serve architectural creativity.
More information is available on Lafarge's website: www.lafarge.com
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About Orascom Telecom Media and Technology
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Pakistan, Lebanon and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM,
media and technology and cable businesses. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The media and technology division consists of OT Ventures/Intouch Communications Service and the OT Ventures Internet portals and other ventures in Egypt, including LINK Development, ARPU+ and LINKonLINE. The cable business focuses on the management of cable networks.
OTMT is traded on the Egyptian Stock Exchange under the symbol (OTMT.CA, OTMT EY).
For Further Information:
Investor Relations
Orascom Telecom Media and Technology Holding S.A.E.
2005A Nile City Towers - South Tower
26th Floor - Corniche El Nile,
Ramlet Beaulac,
Cairo, Egypt
E-mail: otmtinvestorrelations@otmt.com