Qalaa Holdings Company presented its $4.3 billion Egyptian Refining Company (ERC) at the African Investment Forum as a case study for boosting the attractiveness of private investment using policy reform, Egypt Oil & Gas reports.
Ahmed Heikal, Chairman and Founder of Qalaa Holdings announced the lessons learned from Qalaa’s 12-year journey to develop ERC at the forum, which was held in Johannesburg earlier in November.
The refinery is ongoing through the final stages of technical testing paving the way to start full-scale commercial production in 2019.
“Seeing an immense project of this nature through to completion has not been without challenges,” said Heikal.
ERC’s refining annual capacity is to produce 4.7 million tons of refined products and high-quality oil derivatives, which include over 2.3 million tons of Euro V diesel.