Cairo – Mubasher: Qalaa Holdings on Wednesday announced the completion of nearly 98% of its subsidiary Egyptian Refining Co’s (ERC), the Egyptian investment firm’s $3.7 billion greenfield refinery in the Greater Cairo area of Mostorod.
The refinery project is set to commence trial operation in November, the Cairo-based company said in a statement to the Egyptian Exchange (EGX).
Qalaa previously said it had begun talks with some financial consultants to study borrowing alternatives in order to raise holding in ERC.
It is worth noting that the EGX-listed firm holds an indirect stake of 16.76% in ERC.
The Egyptian Refining is conducting a financial restructuring for the 330,000 square-meter facility project located in Mostorod in a bid to obtain additional loans, as well as further payments, worth $500 million.
In August 2010, Qalaa Holdings signed a $2.35 billion long-term loan with international institutions to finance the project.