Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ERC shareholders paid 7.5% of EGPC share in establishing new refining lab
A senior official at the ERC told Daily News Egypt that the EGPC will contribute by 24% in the project's paid-up capital; $1.134bn from shareholders and $2.6bn from banks.
Published in Daily News Egypt on 26 - 01 - 2016

The shareholders of the Egyptian Refining Company (ERC) paid 7.5% of the Egyptian General Petroleum Corporation (EGPC) share in the paid-up capital of the project, which aims to establish a new refining lab in Mustorod, Cairo.
The 7.5% will be repaid to shareholders from EGPC's profits after implementing the project.
A senior official at the ERC told Daily News Egypt that the EGPC will contribute by 24% in the project's paid-up capital; $1.134bn from shareholders and $2.6bn from banks.
The project's total investments are approximately $3.7bn, 70% of which are investments and foreign loans granted by international financial institutions, the official said. He added that the most prominent financial institutions are Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Export-Import Bank of Korea (Kexim), the European Investment Bank (EIB) and the African Development Bank (AfDB).
The Managing Director of ERC, Mohamed Saad, highlighted that the company will import 1.2m tonnes of crude oil per annum, as Cairo Oil Refinery Company's (CORC) fuel oil production does not meet the needs of the cracking unit.
The imported oil will be refined at CORC, which is a subsidiary of EGPC, at a cost of $3 per refined barrel, Saad stated.
He also disclosed that the ERC is in negotiations with Shell Business Operations, which is specialised in trading crude oil and petroleum materials, and the Nigerian company, Sahara, in order to finalise the import process.
The imported oil will be received at the port of Ain Sokhna and will be transferred through a pipeline owned by the Petroleum Pipeline Company, Saad revealed.
He added that the project will secure 50% of diesel, gasoline and butane imported by Egypt, to fill the gap between consumption and local production.
Egypt imports approximately 1.8m to 2m tonnes of butane, 5m tonnes of diesel, 5m tonnes of gasoline and 40,000 to 60,000 tonnes of jet fuel annually, Saad declared.
He also noted that the domestic market is suffering a deficit in diesel, gasoline and butane available compared to annual consumption. Fifty percent of the deficit will be secured after establishing the new refining lab project, Saad added.
He added that the new project will produce approximately 2.3m tonnes of diesel, 800,000 tonnes of gasoline and 600,000 tonnes of jet fuel, "which will cease the need to import jet fuel and allow its export".


Clic here to read the story from its source.