The Egyptian Refining Company (ERC), a subsidiary of one of Egypt's largest investment companies Qalaa Holdings, is in final stage to carry out its $3.7 billion oil refinery project, Qalaa's co-founder Hisham El-Khazindar said Monday. The refinery, the largest in Egypt, will reduce present-day diesel import needs by 50 percent and help reduce Egypt's annual subsidy bill, El-Khazindar added. Qalaa owns 20 percent of the Egyptian Refining Company (ERC), whose current shareholding includes the state-run Egyptian General Petroleum Corporation (EGPC), in addition to Egyptian and Arab private investors. ERC, which is 25% owned by the Egyptian government, is the second-largest project ongoing in the country – smaller only than the $8.5 billion New Suez Canal – a second waterway designed to expand Egypt's strategic shipping lane. The refinery will process heavy fuel into diesel for local consumption, and once at capacity could supply 50 percent of the country's requirements.
