The new $3.6 billion processing plant owned by the Egyptian Refining Company (ERC) will start operation in six months, said Ahmed Heikal, ERC’s Chairman, according to Amwal Al Ghad.
The value of total loans financing the plant’s project has reached $2.6 billion, Heikal pointed out during the third “Egypt Investment Forum.”
Once the plant starts operations, it will decrease the country’s need for diesel by around 50% and that of imported gasoline by 20%. The plant will further cover 14% of Egypt’s annual liquid oil products’ demands, with production capacity reaching 4.2 million tons of liquid products in addition to 600,000 tons of sulfur and coke per annum.
ERC’s plant will be capable of producing up to 2.3 million tons of diesel, 552,000 tons of gasoline, and 600,000 tons of jet fuel and will also be able to manufacture naphtha and butane.