Cairo- Mubasher: Qalaa Holdings has completed 87% of the construction works of the Egyptian Refining Company’s (ERC) project, announced the Egyptian government Tuesday.
The project’s investments totalled $3.7 billion (EGP 33 billion).
The government added that the project aims to produce 4.2 million tonnes of fuel oil (mazut) l and 7 million tonnes of crude oil annually.
“Mechanical works will be completed by mid-November 2016, so that the experimental operation may commence during in Q2-17,” said the press release.
The project will narrow the gap between production and domestic consumption of gasoline and diesel by 50%, it added, citing the managing director of the Egyptian General Petroleum Corporation (EGPC).
Qalaa Holdings owns 20% of ERC, while EGPC and a number of large investors from Egypt and the GCC own 80%.
