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ERC is a state-of-the-art USD 4.3 billion greenfield petroleum refinery, Egypt’s largest PPP infrastructure megaproject and the largest private sector-led infrastructure megaproject in Africa that has been developed with the cooperation of a broad spectrum of debt and equity investors led by Qalaa Holdings.

ERC, Egypt’s largest PPP infrastructure megaproject, is a pivotal import substitution project that will bolster Egypt’s energy security and provide environmentally friendly fuel for sustainable economic growth.

ERC is converting lowest value fuel oil into middle and light distillates that are meeting domestic consumption needs and eliminating 186,000 tons of Egypt’s annual sulfur dioxide emissions or c. 29% of Egypt’s present-day total, and improving the quality of the national refined products supply.

In June 2012, ERC reached financial close on the equity and debt components of project financing. Qalaa Holdings invested in the project alongside Gulf and international investors, global export credit agencies and development finance institutions. Construction began in 2014, with the consortium of GS Engineering & Construction Corp. and Mitsui & Co. Ltd acting as the contractor for the project. The project has generated more than 18,000 jobs at peak construction, and 1,000 permanent positions.

The Egyptian General Petroleum Corporation (EGPC) and Cairo Oil Refinery Company
(CORC), the nation’s largest refinery with 20% of Egypt’s current refining capacity, is providing fuel oil as feedstock for ERC. ERC has the capacity to produce 4.7 million tons of refined products per year, including 2.3 million tons of Euro V diesel, representing 30-40% of Egypt’s current imports and 600,000 tons of jet fuel. Liquid stock products are being sold to EGPC at international prices under a 25-year off-take agreement.

As an import substitution project delivering diesel and other high-value products to EGPC at the heart of the consumption market in Greater Cairo, ERC is strategically important to Egypt’s energy security. 

  • President Abdel Fattah El Sisi Inaugurates the Egyptian Refining Company (ERC) Qalaa Holdings’ US$ 4.3 billion Mega National Project in Mostorod with a Production Capacity of 4.7 Million Tons of Refined Products and High-Quality Oil Derivatives per Year

    ERC is a crucial import substitution project that saves Egypt US$ 600 million—US$ 1 billion annually and reduces dependence on import ERC eliminates 186,000 tons of sulfur dioxide from being emitted into Cairo’s air annually and has developed the Mostorod area with community development programs that empower women, youth, and people with special needs
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  • Qalaa Showcases Egyptian Refining Company at Davos

    Qalaa Holdings was represented in Davos by Chairman and Founder Ahmed Heikal, Co-Founder and Managing Director Hisham El-Khazindar and Chief Marketing & Sustainability Officer Ghada Hammouda who joined heads of state and global CEOs at the 2019 World Economic Forum
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  • Qalaa Holdings showcases the Egyptian Refining Company (ERC) progress to shareholders

    Qalaa Holdings held an exclusive visit for shareholders to the mega project
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  • ERC Showcases its Community Development Programs, Celebrates Reaching 53 Mostakbaly Scholarships for Students

    Qalaa Holdings subsidiary the Egyptian Refining Company (ERC) awards scholarships to 23 students this year to open doors for those pursuing higher education and press on with its commitment to improving the quality of education throughout the country.
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  • Qalaa Holdings Chairman Ahmed Heikal Presents Landmark ERC Case Study at Africa Investment Forum in Johannesburg, South Africa

    Qalaa Holdings Chairman and Founder Ahmed Heikal showcases US$ 4.3 bn greenfield refinery as a successful example of a private sector-led infrastructure mega-project that will provide a domestic substitute for c. 40% of Egypt’s diesel imports
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