Cairo – Mubasher: Qatar Petroleum (QP) announced the operation of the Egyptian Refining Company (ERC) project located in Mostorod in Cairo. 

All units of the ERC are expected to reach full production before the end of the first quarter of 2020, Qatar Petroleum said in a statement on Sunday.

Qatar Petroleum holds a 38.1% stake in the Arabian Refinery Company, which in turn owns 66.6% in ERC, the statement showed.

The project, the largest investment of QP in an Arab or African country, will help the North African nation decrease its reliance on imported petroleum products.   

QP, has took part in this project, which has a cost of $4.4 billion (EGP 70.927 billion), since 2012.

The project aims to process about 4.7 million tonnes per year of atmospheric residue feed from Cairo Oil Refinery Company and produce Euro V refined products, including diesel and jet fuel, for Egyptian consumption.

Previously, Qalaa Holdings revealed that it owns a 13.14% stake directly and indirectly in the ERC.