The Bulgarian government will issue a First Class Investor certificate to Italy's Italcementi for its 185 mln euro Devnya cement mill project. The Italian company intends to retool cement mill Devnya Tsiment, boosting output capacity by 50% and getting the company in shape to start exporting concrete and aggregates to the U.S. over the next 3 years. The cement mill expects the government to provide administrative support for the project, including an accelerated procedure for the approval of its environmental impact assessment (EIA).

The EIA procedure usually takes up to 8 months but should be at least halved after the award of the investment certificate. The government will also finance the construction of road infrastructure necessary for the project. The assembly of the new equipment should begin by mid-2007 when the project is expected to get all relevant administrative and eco permits.

In addition to Devnya Tsiment, Italcementi also owns the Dimitrovgrad-based Vulkan which has already been retooled. The idea is for Devnya Tsiment to export 400,000 tons of materials annually to the U.S. after mid-2009.