ERC Completes More than 92% of Main Project

ERC Completes More than 92% of Main Project

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.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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