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.