Qalaa Holdings Company completed 92% of the work at the Egyptian Refining Company’s (ERC) oil refinery, which has investments reaching $3.6b, reported Amwal Al Ghad.

The oil refinery is the largest one in Egypt. It aims to decrease diesel import needs by 50% and to decrease Sulphur emissions by one third. The refinery also targets reducing the country’s annual subsidy bill.

Qalaa’s Managing Director, Karim Sadek, told Amwal Al Ghad that the company plans to complete works and inaugurate ERC’s project by the end of 2017.

Qalaa Holdings Company owns 20% of ERC, whose current shareholding includes the state-run Egyptian General Petroleum Corporation (EGPC), which owns 25%, in addition to Egyptian and Arab private investors.

The refinery will process heavy fuel into diesel for local consumption, and once at full capacity, it could supply 50% of the country’s requirements.

In related news, Qalaa Holdings subsidiary ERC’s CEO, Ahmed Hassanien Heikal, stated that production of Mostorod project will be postponed to the 2nd quarter of 2018 due to construction delays. Heikal added that the project’s production will supply 14% of the local market’s needs.