President Sisi inaugurates ERC’s new Mostorod Petrochemical Refinery
Egyptian Refinery Company’s Mostorod petrochem refinery is inaugurated: Qalaa Holdings subsidiary Egyptian Refining Company’s (ERC) USD 4.3 bn facility in Mostorod was inaugurated yesterday by President Abdel Fattah El Sisi. As the largest private sector project of its kind in Africa, the refinery will produce each year some 2.3 mn tonnes of diesel fuel and 860k tonnes of high octane fuel as well as jet fuel and butane, Qalaa Chairman Ahmed Heikal said at the inauguration.
The facility is expected to result in a USD 600 mn-1 bn reduction to Egypt’s annual import bill that had previously been earmarked for petroleum products that ERC is now producing, Heikal said. ERC became fully operational in September 2019 and, by using modern technologies, will help substantially lower Egypt’s carbon and sulfur dioxide emissions.
Speaking at the inauguration, El Sisi lauded Qalaa and ERC for the project’s contribution to the economy, stressing the importance of private sector involvement in large-scale projects that spur growth.