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Wednesday, 9 May 2018

Qalaa considering increasing stake in ERC

Qalaa eying additional stake in Egyptian Refining Company: Qalaa Holdings announced yesterday that it is looking to increase its ownership of its greenfield Egyptian Refining Company (ERC) by acquiring or subscribing to additional shares in its subsidiary Orient Investment Properties, Qalaa said in a regulatory filing (pdf). ERC recently completed a project finance restructuring that saw the company take on new loans and equity commitments valued at around USD 500 mn, bringing the 4.2 mn tonne-capacity refinery’s overall cost to around USD 4.5 bn. The refinery is expected to go online by the end of 2018 or early 2019, with trial operations set to start as early as next month.

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