Cairo – Mubasher: Egyptian Refining Company (ERC), 20% owned by Qalaa Holdings, said it will start production by the first quarter of 2017, said Mohamed Saad, Managing Director.
The company’s refinery project is expected to be completed in November 2015, followed by a trial operations period until the start of the production, added Saad in exclusive statement to Mubasher.
ERC is a state-of-the-art $ 3.7 billion refinery and one of Africa’s largest ever project finance deals that will eliminate 93,000 tons of Egypt’s sulfur emissions and improve the quality of the national petrol supply.
The refinery will convert lowest value fuel oil into middle and light distillates that Egypt is in dire need of for its domestic consumption. ERC will have the capacity to produce 4.2 million tons of refined products per year, including 2.3 million tons of Euro V diesel representing more than 50% of Egypt’s current imports and 600,000 tons of jet fuel.
In June 2012, ERC reached financial close on the equity and debt components of the project financing, with Gulf and international investors, global export credit agencies and development finance institutions investing alongside Qalaa Holdings
