The Egyptian Refining Company (ERC) announced completing 96.5% of construction work for Mostorod refinery, Amwal Al Ghad reported.
The ERC has now spent $4.3 billion on the project.
The ERC recently held its second annual conference for its “Future Teachers Program”. This educational initiative includes awarding 30 teachers with scholarships to study in the American University in Cairo (AUC).
The conference was held on March 5th within the ERC location, and allowed teachers to familiarise themselves with the latest and most important developments in this mega project, scheduled to open this year.
A new $3.6 billion processing plant owned by the ERC will start operating in six months, announced Ahmed Heikal, ERC’s Chairman, back in February 2018, according to Amwal Al Ghad.
The total value of loans financing the plant’s project reached $2.6 billion, Heikal pointed out during the third Egypt Investment Forum.
The plant will decrease the country’s need for diesel by around 50% and imported gasoline by 20% when it starts operations. It will further cover 14% of Egypt’s annual liquid oil products’ demands, with a production capacity reaching 4.2 million tons of liquid products, in addition to 600,000 tons of sulfur and coke each year.