ERC to Receive $76 MM By the End of December

 ERC to Receive $76 MM By the End of December

The Deputy CFO of the Egyptian Refining Company (ERC), Aliaa Heikal, announced that her company targets to receive $76 million from Japanese and Korean banks by the end of December 2019, according to Amwal El-Ghad.

This is considered to be the last installment package of the loans that the company kept for establishing and developing Mostorod refinery with a cost of $4.4 billion.

Heikal said that the financing packages implemented in this project are estimated with $2.9 billion, which reached its highest range of implementation in September 2019.

She added that the expected annual production of high value-added petroleum products will reach 4.7 million tons, which will save more than 15 job opportunities.

The capital investments for this project will hit $1.5 billion, contributing in the decline of diesel’s imports by 40% a year.

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Fatma Ahmed 2120 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.

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