Cairo – Mubasher: Qalaa Capital has received the $120 million (about EGP 2 million) last financing tranche for Egyptian Refining Company project (ERC), which includes $70 million from capital hike and $50 million from shareholders’ loans.
Total investments in the project reached $1.5 billion, while total investment cost of the project hit $4.4 billion, according to a company statement released on Wednesday.
The recent financing tranche will be used to pay the first instalment and a part of the second instalment of Qalaa’s debt, Qalaa’s chairman Ahmed Heikal said.
Around 99.6% of the project is completed, he revealed, added that the commercial operation would start within the third sector of 2019.
Qalaa Capital sold 19.55 million of its shares to finance its share in a round of funding for the ERC project.
The ERC project will cut 96,000 tonnes of carbon dioxide emissions, or 29% of total emissions in Egypt, through the application of up-to-date refining technologies.
Qalaa announced turning into profits during 2018, recording EGP 929.06 million in net profit.
