Egypt- Qalaa Holdings completes final $120m ERC funding round - MENAFN / DAILY NEWS EGYPT

MAY/30/2019 1:15:25 AM 

Qalaa Holdings, one of Africa's leaders in energy and infrastructure, revealed on Wednesday that it has completed a $120m funding round for its subsidiary, the Egyptian Refining Company (ERC), the final such round requested by ERC's project finance lenders, consisting of a $70m capital increase and a $50m shareholders' loan, bringing the total equity component up to $1.5bn and the total cost of the megaproject up to $4.4bn. 

According to Qalaa Chairperson and Founder, Ahmed Heikal, the new funding will be utilised to pay the first project finance debt instalment and part of the second debt instalment for ERC which is now 99.6% complete and set to begin full commercial operations during the third quarter (Q3) of 2019.

Qalaa considering increasing stake in ERC - ENTERPRISE

Wednesday, 9 May 2018

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.

Egypt is ready to be an energy hub for Europe, investment chief says - CNBC

23 APRIL 2018

Holly Ellyatt

• With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.
• "In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings told CNBC.

"In the oil and gas sectors Egypt remains a very important player," Ahmed Heikal, told CNBC's "Capital Connection" on Monday.

Heikal said there was impetus for Egyptian gas to flow to European markets via terminals in Idku and Damietta.

Egypt's new oil refinery to begin test run in third quarter - REUTERS

MARCH 5, 2018 / 8:16 PM

Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by Susan Fenton

CAIRO, March 5 (Reuters) - A new oil refinery near Cairo which has been delayed by financing problems will begin a test run in the third quarter of 2018, its managing director said on Monday.

The refinery, called Egyptian Refining Co (ERC), is a joint venture between state-controlled Egyptian General Petroleum Corporation (EGPC) and Arab Refining Company and will have the capacity to produce 4.7 million tonnes of refined products per year when fully operational.

It is expected to start actual operations by the end of 2018 or early 2019, Managing Director Mohamed Saad said at a news conference.

Egyptian Refining Co.’s $3.7 Billion Plant Will Start Up in September - BLOOMBERG

November 9, 2017, 2:34 PM GMT+2Mirette Magdy

• Plant will pare country’s need for imported fuel: Chairman
• Refinery is part of plan to raise local processing capacity

Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said.

Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo facility will ramp up output to 98 percent of capacity by the end of 2018.

Qalaa completes 92% of works on Egypt's largest oil refinery - AMWAL AL GHAD

11 May, 2017
Hisham Ibrahim

Egypt’s Qalaa Holdings has completed 92 percent of the works in the Egyptian Refining Company’s (ERC) anticipated oil refinery project, with investments worth $3.6 billion.

The refinery, the largest in Egypt, aims to decrease present-day diesel import needs by 50 percent and Sulphur emissions by one third as well as to help reduce the country’s annual subsidy bill.

Qalaa plans to complete works and inaugurate ERC’s project by the end of 2017, managing director Karim Sadek told Amwal Al Ghad on Wednesday.

Qalaa owns 20 percent of the Egyptian Refining Company (ERC), whose current shareholding includes the state-run Egyptian General Petroleum Corporation (EGPC), in addition to Egyptian and Arab private investors.

Japan Bank for International Cooperation considers investing in petrochemicals projects - ENTERPRISE / AMAY

Thursday, 20 April 2017

The Japan Bank for International Cooperation is considering investing in new petrochemicals projects on the back of its successful contributions in key projects, including the Egyptian Refining Company’s refinery, said the head of the bank’s Europe and Middle East Division at a meeting with Oil Minister Tarek El Molla on Wednesday, AMAY reports.

Qalaa’s ERC in talks with Aramco, Shell over fuel imports - ENTERPRISE / YOUM7

Tuesday, 28 February 2017

Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is in talks with Saudi Aramco, Kuwait National Petroleum Company and Shell to import an additional 1.2 mn tonnes of feedstock needed for its operations at USD 3.7 bn refinery in Mostorod, ERC’s Managing Director Mohamed Saad tells Youm7.

Egypt: Mostorod refinery to be completed in 2017: ERC - ECOFIN AGENCY

Monday, 17 October 2016 - 15:04
By Anita Fatunji

(Ecofin Agency) - The Egyptian Refining Company (ERC) has announced plans to conclude its refining project in Mostorod within the Q1 of 2017, as part of moves to address the supply gaps in the petroleum derivatives market.

According to the company’s Managing Director, Mohamed Saad, 90% of the project has been executed and the overall investments in the project have reached $3.7b, with the completion of all necessary procurement of materials and services. He added that the Egyptian General Petroleum Corporation (EGPC) owns 24% of the venture.

Egyptian Refining Co to start output at country’s largest refinery in Q1 2017 - ENERGY EGYPT / REUTERS

January 24, 2016

The Egyptian Refining Company, a subsidiary of one of Egypt’s largest investment companies Qalaa Holdings, will start production at its $3.7 billion oil refinery in the first quarter of 2017, managing director Mohammed Saad said.

The refinery, which has a capacity to produce 4.2 million tons of refined products annually, the largest in Egypt, will start trial production by the end of 2016, Saad said.

“We have completed so far 80 percent of the construction work and we will complete the rest in November then start trial operations before we start production in the first quarter of 2017,” he said.