ERC to Start A Trial Operation at Mostorod Plant

ERC to Start A Trial Operation at Mostorod Plant

Chairman of the Egyptian Refining Company (ERC), Ahmed Heikal, said  that the company will start a trial operation for the new refinery in Mostorod during the fourth quarter of 2017, Al Borsa reported.

The Mostorod plant project investments are up to $3.7b. The Egyptian General Petroleum Corporation contributes 24.5% of the investments, while the remaining 75.5% belongs to Al Qalaa Holdings . Heikal said that ERC is seeking to maximize its production capacity in the second quarter of 2018.

He also mentioned that the Japanese government has funded the project with $900m, the Korean government with $850m, the European Union  with $450m, African Union with $ 225m, in addition to a loan from a global coalition worth $200m. He explained that the project will provide about 4.7mt of petroleum products from a total of 38mt produced in Egypt.

In addition, Managing Director of ERC, Mohammad Saad, said that the grace period of the company’s loan expires by the end 2018.

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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