ASSOCIATED BENEFICIARY – Vassiliko Cement Works Ltd (VCW)

Vassiliko Cement Works Ltd was established in 1963, as a Public Company, on the initiative of Hellenic Mining Company. Recognizing the great potential of the international market, the Company constructed the Vassiliko Port next to the cement plant in 1983. In 1990 Italcementi Group acquired 20% stake in the Company which later was increased to 33%. In 2008 the two cement industries in Cyprus (Cyprus Cement Company and VCW) joined their forces through a merge. Hence the shareholding structure has been formed as follow :

Church of Cyprus (Companies) 25,6%
Italcementi Group 24,65%
Cyprus Cement Public Company 25,30%
Anastasios G. Leventis Foundation 5,34%

The result of this merge was the possibility of very important investments that upgrade the Cypriot cement industry. The installation of the new modern  production line was completed in 2011, with an investment amount of 180 M€.

This new line offers many economical and qualitative advantages by implementing the Best Available Technology.

The target is to improve the environmental efficiency, reduce the production cost and upgrade the production capability.

The main characteristics of Vassiliko Cement works is the continuous evolution at all levels – business, technology, environment – as well as its dynamic development.

The Environmental Policy is one of the central elements of the Company’s corporate mission, whose aim is to achieve a correct balance between the use of natural resources and long-term economic growth, ensuring, at the same time, a better quality of life for present and future generations. The protection of the environment in  all phases of production constitutes a priority. The Company implements investments to upgrade its environmental effectiveness adopting the latest technologies.

In this section the achievements of the Company are:

  • Reduction of CO2 emissions
  • Use of renewable energy sources & energy saving, reinforcing the research and offering important know how at European level
  • Creation of new green spaces
  • Certified by ISO 14001 in 2008

Our Environment Policy, is an integral part of the Company’s mission and is fundamental to the business’ performance as well as productivity, efficiency, quality, health and safety, technological development.

In 2002 a new cement mill was installed, of the latest and most modern energy efficient Roller type technology at a total cost of 11.965.000€. This mill will also helps in reducing the CO2 emissions through its ability to consume 20% (10 kWh/TN cement) less electric power compared to conventional tube mill systems. It will also contribute to a large extent in the health & safety of our personnel, and the welfare of the neighbouring community through its reduced noise levels;

A further move by the Company in helping reduce the country’s global CO2 is the installation and commissioning in April 2003 of a 6MW fuel oil fired internal combustion engine cogeneration power plant, a 3.930.000€, project that will also reduce substantially the plant’s electric power costs.

  • Environment LIFE Programme
  • Department of Environment
  • Nicolaides and Associates Ltd
  • Latomia Pharmakas PLC
  • Vasiliko Cement Works
  • United Brickworks