Cairo – Mubasher: Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, is reportedly seeking a multi-million mega loan from the Commercial International Bank (CIB), three banking sources told Reuters.

CIB will arrange an $80-million loan for ERC to finance the firm’s capital, one of the sources said, while another said that CIB has contacted local banks that may be interested in participating in the one-year loan, that was subject to renewals.

Qalaa Holding recently announced signing a memorandum of understanding (MoU) with Qatar Petroleum under which it acquired the Qatari firm’s stake in ERC.

This came after September statements from Qalaa’s managing director, who said his company was looking to increase its shareholding in ERC.

In the first nine months of 2018, Qalaa Holding logged EGP 298.42 million in net profits against EGP 4.13 billion in net losses in the same period of 2017.