Construction on Qalaa's Egyptian Refining Company reaches 80% completion; expected to start production by 2H2017
According to an article on Enterprise, Qalaa Holdings' [CCAP.CA] subsidiary Egyptian Refining Company (ERC) is on track to start production by 2H2017 with construction reaching 80% completion. The article added that ERC plans to import 1.2 million tonnes of crude oil per year to ensure it receives adequate supplies from EGPC. It is worth noting that the refinery has an investment cost of USD3.7 billion and is 19% owned by Qalaa Holdings. (Enterprise)
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