Cairo – Mubasher: Qalaa Holdings on Sunday announced that the trial operation of all units at the Egyptian Refining Company’s (ERC) project is set for completion by the end of the second quarter of 2019.
The pilot operation of the project’s naphtha production unit has been successful after the diesel production unit started operation last week, Qalaa, the Cairo-based firm which has operations in a slew of industries including energy, cement and logistics, said in a statement.
In February, Qalaa Holdings revealed that its diesel production unit at ERC’s project would begin commercial operation in the third quarter of 2019.
Three banking sources last month told Reuters that ERC was seeking a multi-million mega loan worth $80 million from the Commercial International Bank (CIB).
Qalaa Holding recently announced signing a memorandum of understanding (MoU) with Qatar Petroleum under which it acquired the Qatari firm’s stake in ERC.
In October, Qalaa Holdings’ chairman projected both Taqa Arabia and ERC to file for initial public offerings (IPOs) on the EGX in 2019.
In the first nine months of 2018, Qalaa logged EGP 298.42 million in net profits against EGP 4.13 billion in net losses in the same period of 2017.
