Qalaa’s ERC completes financial restructuring as it drives to completion

Qalaa’s Egyptian Refining Company completes financial restructuring as it drives to completion: Qalaa Holdings subsidiary Egyptian Refining Company (ERC) has reportedly completed a project finance restructuring that has seen the company take on new loans and equity commitments valued at around USD 500 mn, according to a press release from law firm Freshfields Bruckhaus Deringer, which advised on the transaction. This would bring the overall cost of construction of ERC’s refinery to USD 4.5 bn, according to the release, which ran in the Global Legal Chronicle. The restructuring came as part of an agreement with construction partners GS Engineering of Korea and Mitsui of Japan that will “allow construction to move forwards.” The 4.2 mn tonne-capacity refinery, which will produce up to 3 mn tonnes of diesel and fuel, was 95.7% complete at the beginning of this year, according to a previous statement by Qalaa Holdings Co-Founder and Managing Director Hisham El Khazindar.