Egypt’s Qalaa Holdings’ Chairman, Ahmed Heikal, announced that the company has implemented investments in the Egyptian Refining Company’s (ERC) project totaling $4.7 billion.

During the first session of Akhbar El Youm Economic Conference, Heikal stated that the ERC’s project is considered one of the largest projects in the Egyptian market, as it has a production capacity of 4.4 million tons per year, citing Amwal Alghad.

Heikal added that his company targets pumping new investments worth EGP 25 billion during the coming three years, noting that Qalaa had pumped about EGP 60 billion during the past five years in the fields of energy, cement, and food industries.

Qalaa is waiting for the Egyptian General Petroleum Corporation’s (EGPC) approval on the establishment of a new refinery in Musturad during the coming period, in addition to the other refinery owned by the firm.

Recently, Qalaa Holdings announced its plan to boost ERC’s production to 5.5 million tons per annum (mtpa) in 2021 from 402 mtpa.