New Refinery Could Eliminate Oil Product Imports for Egypt

Friday, May 27, 2016

Qalaa Holdings, an investment firm based in Egypt, speaking to Reuters said that its new refinery would allow for the country to eliminate its dependence on imported oil product.

The $3.7-billion Egyptian Refining Co (ERC) will have the capacity to produce 4.2 million tons of refined products annually, which ERC will sell to EGPC under a 25-year agreement.

Qalaa owns a 19% stake in ERC, which is expected to become operational in Q1 017.

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