Cairo – Mubasher: Qalaa Holdings is set to complete the trial operation of its unit Egyptian Refining Company’s (ERC) project by the end of the second quarter of 2019.
ERC has supplied around 36,870 tonnes of diesel, 5,800 tonnes of naphtha, and 9,100 tonnes of 98-octane gasoline to Egyptian General Petroleum Corporation (EGPC) since the beginning of the trial operation, according to a statement to the Egyptian Exchange (EGX).
The ECR is conducting a financial restructuring for the facility project located in Mostorod in a bid to obtain additional loans and payments valued at $500 million.
Qalaa Holdings, the Egyptian investment company formerly known as Citadel Capital, previously revealed that it holds an indirect stake of 16.76% in ERC.
In January, the Cairo-based firm announced signing a memorandum of understanding (MoU) with state-run Qatar Petroleum (QP) to purchase an additional stake in the ERC.
In October, the chairman of Qalaa Holdings expected to offer stakes in Taqa Arabia and the ERC for sale on the Egyptian Exchange (EGX) in the fourth quarter of 2019.
