ERC is a state-of-the-art USD 4.3 billion greenfield petroleum refinery and Egypt’s largest PPP infrastructure megaproject. ERC is converting lowest value fuel oil into middle and light distillates that are meeting domestic consumption needs and eliminating 186,000 tons of sulfur dioxide and 96,000 tons of sulfur annually, or c.29% of Egypt’s present-day total, and improving the quality of the national petrol supply.

In June 2012, ERC reached financial close on the equity and debt components of project financing. Qalaa Holdings invested in the project with 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 contractor.

The EGPC’s Cairo Oil Refining 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 & high-quality oil derivatives per year, including 2.3 million tons of Euro V diesel (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 the EGPC at the heart of the consumption market, ERC is strategically important to Egypt’s energy security. Since completion in early 2019, with all project units in operation since September 2019, ERC has seen total production exceeded 2 million tons.

Regulatory and environmental approvals for the project have been obtained and ERC has signed a lump-sum turnkey contract with GS Engineering & Construction and Mitsui & Co.

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