The Egyptian President Abdel Fattah Al Sisi has opened the Egyptian Refinery in Mostorod at a cost of  $4.3 billion equals to EGP 70 billion which is one of the most important petroleum refineries in Egypt and Africa by producing 4.7 million tons of petroleum products per year.

The final tranche was requested by ERC's project finance lenders and is divided into $70 million for capital increase and $50 million for shareholders' loan.

Qatar Petroleum International (QPI) will join Egypt's Orient Company and the Egyptian General Petroleum Corporation (EGPC) in their venture to set up a new $3.6bn refinery in Greater Cairo.