In other energy news, the Egyptian Refining Company (ERC) is expected to begin operations in September 2018, said Ahmed Heikal, chairman of Qalaa Holdings, which has led the development of the megaproject and which holds a 19% stake in the facility. The USD 3.7 bn plant in Mastorod, which hopes to save the government some USD 300 mn in costs associated with fuel imports each year, will be completed in June after a number of delays. Capacity utilization is expected to hit 98% by the end of 2018, Heikal tells Bloomberg. The new plant will satisfy about 14 percent of Egypt’s annual need for liquid oil products, he added.

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