Managing Director of the Egyptian Refining Company (ERC), Mohamed Saad Ibrahim, said that the company has completed more than 92% of its main project, noting that the company is a major energy producers in Egypt. He added that ERC covers 30-50% of the petroleum sector in Egypt, which saves about $300m from the annual cost of importing petroleum products, Egyptian Sources informed.
Ibrahim pointed out that although ERC gets high sulfur heat oil from Cairo Oil Refining Company, it needs to import about 1.2mt of crude oil . He also added that the company is conducting negotiations with several international companies such as Shell and National Company in Kuwait as well as Saudi Aramco to import the required amount of crude oil.
He said that the proportion of foreign loans involved in the project amounted to about $ 2.6b , while the total project investments are about $3.7b , pointing out that the loans would be repaid over a period of up to 17 years from the start of the project.