{"id":600158,"date":"2019-01-21T04:32:30","date_gmt":"2019-01-21T04:32:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/21\/one-of-egypts-biggest-ppps-comes-online-this-year\/"},"modified":"2019-01-21T04:32:30","modified_gmt":"2019-01-21T04:32:30","slug":"one-of-egypts-biggest-ppps-comes-online-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/21\/one-of-egypts-biggest-ppps-comes-online-this-year\/","title":{"rendered":"One of Egypt\u2019s biggest PPPs comes online this year"},"content":{"rendered":"

How Qalaa\u2019s ERC is the right way to do PPP: <\/b>The Egyptian Refining Company (ERC)\u2014 a major public private partnership (PPP) megaproject led by Qalaa Holdings \u2014 is scheduled to come online later this year. The USD 4.3 bn facility, which is capable of producing 4.7 mn tonnes of refined oil products and derivatives per year, is also Africa\u2019s largest public-private infrastructure project. When Qalaa Holdings closed financing on the plant in 2012, it set a record for equity raised in MENA. The project presents a prime example of how PPP projects can work and be effective. Our friend Ahmed Heikal, chairman and founder of Qalaa, explains why in a piece for the World Economic Forum<\/a>\u2019s blog ahead of the forum\u2019s annual meeting tomorrow in Davos.<\/p>\n

From the ground up with the right financing and tech:<\/b> One of the fundamental aspects of ERC successfully getting off the ground was the broad network of financers. Qalaa called on a spectrum of private and public stakeholders and crafted an innovative PPP agreement: \u201ca blended financing solution that includes direct foreign investment, export credit agencies and sovereign wealth funds, in addition to government and private-sector support.\u201d This innovation extends to the technology involved in the project and the creative solutions that engineers, workers, and managers have responded with. Getting a Korean 1,280 tonne hydrocracker unit (HCU), the largest piece of equipment ever to enter an Egyptian port, installed was just one such solution.<\/p>\n

Sustainability was also a key concern of ERC\u2019s designers<\/b>: With a PPP, writes Heikal, \u201cno element of an impact assessment is minimized.\u201d ERC delivers on an array of sustainability points. By bringing together local staff with foreign engineers, managers, and designers of many nationalities, ERC produces a transfer of industry knowledge into the local market, ensuring its own continued development, Heikal says.<\/p>\n","protected":false},"excerpt":{"rendered":"

How Qalaa\u2019s ERC is the right way to do PPP: The Egyptian Refining Company (ERC)\u2014 a major public private partnership (PPP) megaproject led by Qalaa Holdings \u2014 is scheduled to come online later this year. The USD 4.3 bn facility, which is capable of producing 4.7 mn tonnes of refined oil products and derivatives per […]<\/p>\n","protected":false},"author":1,"featured_media":600159,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[2391,72,7111,91,404,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-egyptian-refining-company","tag-enterpriseam","tag-infrastructure","tag-oil-and-gas","tag-public-private-partnership","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"67b72fea-e933-47ef-a32d-8d263fb3503a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/2300.jpg","photo_position":"above","related_issue":[600136],"teaser":"","voice_url":""},"yoast_head":"\nOne of Egypt\u2019s biggest PPPs comes online this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/21\/one-of-egypts-biggest-ppps-comes-online-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One of Egypt\u2019s biggest PPPs comes online this year\" \/>\n<meta property=\"og:description\" content=\"How Qalaa\u2019s ERC is the right way to do PPP: The Egyptian Refining Company (ERC)\u2014 a major public private partnership (PPP) megaproject led by Qalaa Holdings \u2014 is scheduled to come online later this year. 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ERC is a major public private partnership (PPP) megaproject led by Qalaa, and is scheduled to come online later this year.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598669,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/qalaa-holdings-completes-final-funding-round-for-erc\/","url_meta":{"origin":600158,"position":1},"title":"Qalaa Holdings completes final funding round for ERC","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"Qalaa Holdings has completed the final USD 120 mn funding round for its Egyptian Refining Company (ERC), including a capital increase of USD 70 mn and loans at a combined total of USD 50 mn, Al Mal reported. The funding will be used to restructure its debts, Chairman Ahmed Heikal\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595038,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/qalaa-declares-all-units-at-erc-are-a-go\/","url_meta":{"origin":600158,"position":2},"title":"Qalaa declares all units at ERC are a go","author":"enterpriseam admin","date":"15 September 2019","format":false,"excerpt":"Qalaa declares all units at ERC are a go: The Egyptian Refining Company (ERC) has successfully begun hydrocracker operations, Qalaa Holdings said in a bourse filing on Thursday (pdf). With that, all the plant\u2019s units are now operational, the firm said of its flagship project, which has drawn in USD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595499,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/earnings-watch-qalaa-holdings-revenues-rise-8-y-o-y-in-2q2019\/","url_meta":{"origin":600158,"position":3},"title":"Earnings watch: Qalaa Holdings revenues rise 8% y-o-y in 2Q2019","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings\u2019 revenues rose 8% y-o-y in 2Q2019 to EGP 3.5 bn \u201cdriven by solid top line performance at TAQA Arabia,\u201d the company\u2019s energy platform, Qalaa said in its earnings release (pdf). TAQA\u2019s revenues grew 33% y-o-y during the quarter. ERC set to come online in 4Q2019: The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567986,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/qalaa-holdings-reports-3q2020-results\/","url_meta":{"origin":600158,"position":4},"title":"Qalaa Holdings reports 3Q2020 results","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Qalaa Holdings reported a consolidated net loss after minority interest of EGP 450 mn in 3Q2020, widening its losses from EGP 395 mn in 3Q2019, according to the company\u2019s earnings release (pdf). The wider loss comes despite Qalaa\u2019s top line more than doubling to EGP 8.7 bn in 3Q2020, from\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575088,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/01\/qalaa-losses-deepen-in-2q2020-despite-strong-erc-revenues\/","url_meta":{"origin":600158,"position":5},"title":"Qalaa losses deepen in 2Q2020 despite strong ERC revenues","author":"enterpriseam admin","date":"1 October 2020","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings reported a net loss of EGP 712.1 mn in 2Q2020 compared to EGP 224.5 mn in the same period last year, according to the company's earnings release (pdf), on the back of low fuel prices and the covid-19 pandemic. 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