Cairo - Mubasher: Qalaa Holdings finished nearly 60% of the Egyptian Refining Company’s (ERC) project, said Co-Founder and Managing Director Hisham El-Khazindar.
The investments in ERC project amounts to EGP 30 billion, and it is expected to slash Egypt's exports of diesel and 80-octane gasoline by 50% as well as it will provide job opportunities for 6,000 employees, added El-Khazindar.
The project aims to produce more than 4.1 million tons of fuel annually.
Developed by Qalaa Holdings, ERC is a state-of-the-art USD 3.7 billion refinery that will convert lowest value fuel oil into middle and light distillates that Egypt is in dire need of for its domestic consumption.
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.
