{"id":630958,"date":"2018-03-06T04:15:21","date_gmt":"2018-03-06T04:15:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/"},"modified":"2018-03-06T04:15:21","modified_gmt":"2018-03-06T04:15:21","slug":"erc-to-recover-costs-from-delay-in-refinery-project-in-six-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/","title":{"rendered":"ERC to recover costs from delay in refinery project in six years"},"content":{"rendered":"

Qalaa Holdings\u2019 Egyptian Refining Company (ERC) expects to recover the cost of its delayed launch in six-years\u2019 time<\/strong>, Managing Director Mohamed Saad told the press yesterday, Reuters reports<\/a>. The company is on track to begin trial operations at the Mostorod facility in 3Q2018 and launch operations by the end of 2018 or early next year, he said. The project\u2019s cost had risen to USD 4.2 bn from from USD 3.7 bn on the back of a 22-month delay due to financing issues. Banks and international funding institutions are providing as much as USD 2.9 bn in financing to the project, with shareholders providing the remaining USD 1.3 bn. The company will begin repaying its debts as of June 2019<\/strong> and running for a 17-year period, Saad also said<\/a>. Qalaa had said last week<\/a> that ERC took on new finance and equity commitments.<\/p>\n","protected":false},"excerpt":{"rendered":"

Qalaa Holdings\u2019 Egyptian Refining Company (ERC) expects to recover the cost of its delayed launch in six-years\u2019 time, Managing Director Mohamed Saad told the press yesterday, Reuters reports. The company is on track to begin trial operations at the Mostorod facility in 3Q2018 and launch operations by the end of 2018 or early next year, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630958","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"84bb1cc2-7a08-4d3a-8f27-6f6ff4bce1d5","order":"0","is_powered_by":true,"section_story_id":"671268d0-8d1e-47d7-ab91-439d9ff35cc6","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630944],"teaser":"","voice_url":""},"yoast_head":"\nERC to recover costs from delay in refinery project in six years - 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\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ERC to recover costs from delay in refinery project in six years\" \/>\n<meta property=\"og:description\" content=\"Qalaa Holdings\u2019 Egyptian Refining Company (ERC) expects to recover the cost of its delayed launch in six-years\u2019 time, Managing Director Mohamed Saad told the press yesterday, Reuters reports. The company is on track to begin trial operations at the Mostorod facility in 3Q2018 and launch operations by the end of 2018 or early next year, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-06T04:15:21+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"ERC to recover costs from delay in refinery project in six years\",\"datePublished\":\"2018-03-06T04:15:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\"},\"wordCount\":149,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/erc-to-recover-costs-from-delay-in-refinery-project-in-six-years\/\",\"name\":\"ERC to recover costs from delay in refinery project in six years - 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Qalaa confirmed that ERC took on new debt finance and equity commitments valued at around USD 500\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":628779,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/qalaa-plans-to-list-multiple-subsidiaries-beginning-2h2019-erc-to-start-trial-operations-by-november\/","url_meta":{"origin":630958,"position":1},"title":"Qalaa plans to list multiple subsidiaries beginning 2H2019, ERC to start trial operations by November","author":"enterpriseam admin","date":"14 May 2018","format":false,"excerpt":"IPO WATCH- Qalaa plans to list some of its subsidiaries on the EGX beginning 2H2019: Qalaa Holdings is planning to list multiple subsidiaries on the EGX while retaining stakes in them, our friend Ahmed Heikal tells Al Shorouk. The Qalaa founder and chairman said he expects to begin listing these\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":595038,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/15\/qalaa-declares-all-units-at-erc-are-a-go\/","url_meta":{"origin":630958,"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":628624,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/09\/qalaa-considering-increasing-stake-in-erc\/","url_meta":{"origin":630958,"position":3},"title":"Qalaa considering increasing stake in ERC","author":"enterpriseam admin","date":"9 May 2018","format":false,"excerpt":"Qalaa eying additional stake in Egyptian Refining Company: Qalaa Holdings announced yesterday that it is looking to increase its ownership of its greenfield Egyptian Refining Company (ERC) by acquiring or subscribing to additional shares in its subsidiary Orient Investment Properties, Qalaa said in a regulatory filing (pdf). ERC recently completed\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":603363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/21\/egyptian-refining-company-usd-4-bn-facility-to-come-online-in-june\/","url_meta":{"origin":630958,"position":4},"title":"Egyptian Refining Company USD 4 bn facility to come online in June","author":"enterpriseam admin","date":"21 April 2019","format":false,"excerpt":"Qalaa\u2019s USD 4.3 bn Egyptian Refining Company facility will begin commercial production in June, running at 60% capacity and ramping up to full production by September, Qalaa Holdings Chairman Ahmed Heikal told Al Masry Al Youm. 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":600036,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/17\/qalaa-signs-mou-with-qatar-petroleum-to-raise-its-stake-in-egyptian-refining-company\/","url_meta":{"origin":630958,"position":5},"title":"Qalaa signs MoU with Qatar Petroleum to raise its stake in Egyptian Refining Company","author":"enterpriseam admin","date":"17 January 2019","format":false,"excerpt":"M&A WATCH- Qalaa inks MoU to raise stake in key subsidiary Egyptian Refining Company: Qalaa Holdings has signed an MoU with Qatar Petroleum to purchase an additional stake in the Egyptian Refining Company (ERC), which owns the USD 4.3 bn Mostorod refinery, Qalaa said in a statement to the EGX\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630958","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=630958"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630958\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630944"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630958"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630958"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}