Qalaa Holdings subsidiary, Egyptian Refining Company’s (ERC), new Mostorod petrochemical refinery expected to result in a $ 600 million-1 billion reduction to Egypt’s annual petroleum import bill, its chairman Ahmed Heikal, said.
The new facility in Mostorod was inaugurated yesterday by President Abdel Fattah El Sisi, the project is with investments worth $4.3 billion.
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.
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.
