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Monday, 26 February 2018

Qalaa Holdings on track to launch trial runs at ERC in June

Qalaa Holdings is on track to launch trial operations at its Egyptian Refining Company complex in Mostorod by the end of June 2018, the company said in a bourse statement on Sunday (pdf). Qalaa confirmed that ERC took on new debt finance and equity commitments valued at around USD 500 mn as part of a now-completed restructuring. The move brings the cost of the refinery to USD 4.2 bn, from a previous USD 3.7 bn, Qalaa said. The company also confirmed that it had reached an agreement with construction partners GS Engineering of Korea and Mitsui of Japan that will allow construction to move forward. The firm also noted that construction on the project is now 96.4% complete.

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