{"id":610847,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/28\/qalaas-egyptian-refining-company-earmarks-usd-150-mn-to-boost-production\/"},"modified":"2023-11-28T00:00:00","modified_gmt":"2023-11-28T00:00:00","slug":"qalaas-egyptian-refining-company-earmarks-usd-150-mn-to-boost-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/28\/qalaas-egyptian-refining-company-earmarks-usd-150-mn-to-boost-production\/","title":{"rendered":"Qalaa\u2019s Egyptian Refining Company earmarks USD 150 mn to boost production"},"content":{"rendered":"

Qalaa Holdings subsidiary <\/strong>Egyptian Refining Company <\/strong>(ERC) is planning to invest <\/strong>USD 150 mn<\/strong> to ramp up production levels by 10% over the next three years, Qalaa Chairman Ahmed Heikal told Al Arabiya<\/a> on Monday. The company\u2019s total output, excluding fuel and losses, recorded 2.3 mn tons in the first half of 2023, according to its earnings releases for the first two quarters (here, pdf<\/a> and here, pdf<\/a>).<\/p>\n

Another strong year in 2023? <\/strong>The Qalaa chairman is expecting ERC\u2019s revenue to rise almost 25% to hit USD 3 bn in 2023 on the back of increased production and global oil prices. The company\u2019s revenue more than doubled in 2022 to hit EGP 74.8 bn (USD 2.42 bn), according to its 4Q earnings release (pdf)<\/a>. The refinery has posted EGP 44.1 bn (USD 1.4 bn) in revenues during the first six months of the year. Qalaa is yet to publish its 3Q results.<\/p>\n

Clearing the <\/strong>debt<\/strong> The refiner will finish paying off its initial loans in 1Q 2025, he told the news outlet, noting that the loans have almost halved to USD 1.25 bn from USD 2.35 bn. ERC has been in talks with its creditors to restructure its debts for several years.<\/p>\n

Remember: <\/strong>ERC inaugurated its USD 4.3 bn Mostorod petrochem refinery<\/a> \u2014 the largest private sector project of its kind in Africa \u2014 in 2020. It has an annual production capacity of 2.3 mn tons of diesel fuel and 860k tons of high octane fuel.<\/p>\n","protected":false},"excerpt":{"rendered":"

ERC is expected to log USD 3 bn in revenues this year<\/p>\n","protected":false},"author":1,"featured_media":610848,"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":[7207],"tags":[7106,2391,93,72,91,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-debt","tag-egyptian-refining-company","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"599d74e2-3efc-4e72-b3ed-91f31948a2f5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1537.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa\u2019s Egyptian Refining Company earmarks USD 150 mn to boost production","related_issue":[610840],"teaser":"ERC is expected to log USD 3 bn in revenues this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.b1d97de5-29ea-44dc-a104-85ac16d1e2bc.mp3"},"yoast_head":"\nQalaa\u2019s Egyptian Refining Company earmarks USD 150 mn to boost production - 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Qalaa, the company leading the project, successfully completed trial runs for the CCR and\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":598669,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/qalaa-holdings-completes-final-funding-round-for-erc\/","url_meta":{"origin":610847,"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":595624,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/egyptian-refining-company-suez-cement-arabian-cement-sign-petroleum-coke-supply-agreements\/","url_meta":{"origin":610847,"position":2},"title":"Egyptian Refining Company, Suez Cement, Arabian Cement sign petroleum coke supply agreements","author":"enterpriseam admin","date":"1 August 2019","format":false,"excerpt":"Qalaa\u2019s ERC signs pet coke supply agreements with Suez Cement, Arabian Cement: Qalaa Holdings\u2019 Egyptian Refining Company (ERC) has inked agreements with Suez Cement and Arabian Cement to supply 500k tonnes of petroleum coke each year. Arabian Cement has agreed (pdf) to purchase 300k tonnes a year while Suez Cement\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\/2020\/3\/14.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621767,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/qalaa-promotes-its-egyptian-refining-company-at-african-forum\/","url_meta":{"origin":610847,"position":3},"title":"Qalaa promotes its Egyptian Refining Company at African forum","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"Qalaa Holdings showcased its USD 4.3 bn petroleum refinery Egyptian Refining Company (ERC) as a case study for increasing the attractiveness of private investment through policy reform at the African Investment Forum in Johannesburg earlier this month, according to a press release (pdf). \u201cThis ability to access financing from development\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612498,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/qalaa-holdings-bottomline-leaps-in-3q-2023\/","url_meta":{"origin":610847,"position":4},"title":"Qalaa Holdings\u2019 bottomline leaps in 3Q 2023","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"An overhaul of the Egyptian Refining Company helped boost revenues","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\/2023\/12\/1503.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619650,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/qalaa-holdings-bottomline-increased-five-fold-in-2023-on-the-back-of-stake-sale\/","url_meta":{"origin":610847,"position":5},"title":"Qalaa Holdings\u2019 bottomline increased five-fold in 2023 on the back of stake sale","author":"enterpriseam admin","date":"8 May 2024","format":false,"excerpt":"The firm\u2019s revenue grew 17% y-o-y in 2023 to EGP 97.1 bn","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\/2024\/2\/1760.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610847"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610847\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610848"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610847"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610847"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}