Qalaa announces operation of Hydrocracker unit at ERC Refinery
Qalaa Holdings announces the successful operation of the Hydrocracker in its flagship project Egyptian Refining Company “ERC”. All the project units are now operating.
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. With that, all the plant’s units are now operational, the firm said of its flagship project, which has drawn in USD 4.4 billion in investments.
Qalaa, which holds a 13.14% stake in ERC, is banking on ERC to boost the company’s profitability and expected it to start generating income in July.
Chairman Ahmed Heikal said in May that he expects the refinery to generate EGP 50-55 billion in revenues next year. ERC had inked last month agreements with Suez Cement and Arabian Cement to supply 500k tonnes of petroleum coke each year.