Cairo – Mubasher: Qalaa Holdings on Sunday announced the successful pilot operation of its catalytic reforming unit and production of 98-octane gasoline in its leading Egyptian Refining Company’s (ERC) project, according to a bourse filing.
The trial operation of all units of the megaproject is expected to be completed by the end of the second quarter of 2019.
ERC was previously said to be seeking an $80 million loan from the Commercial International Bank (CIB), according to sources.
In January, Qalaa Holdings, the Cairo-based firm which has operations in a slew of industries including energy, cement and logistics, announced signing a memorandum of understanding (MoU) with state-run Qatar Petroleum (QP) to purchase an additional stake in the ERC.
In October 2018, the chairman of Qalaa Holdings expected offering stakes in Taqa Arabia and the ERC for sale on the Egyptian Exchange (EGX) in the fourth quarter of 2019.
During the January-September period of 2018, the company posted EGP 298.42 million in net profits, compared to net losses of EGP 4.13 billion in the prior-year period.
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 previously revealed that it holds indirect ownership of 16.76% in ERC.
