Mubasher TV
Contact Us Advertising   العربية

Qalaa Holdings reviews economic impact of Mostorod refinery

Qalaa Holdings reviews economic impact of Mostorod refinery
Qalaa Holdings controls ERC and owns an indirect stake of 13.1%.
Qalaa Holding
CCAP
0.00% 2.71 0.00

Cairo – Mubasher: Qalaa Holdings reviewed the impact of its subsidiary Egyptian Refining Company’s (ERC) refinery in Mostorod on economy and environment.

The $4.3 billion Mostorod refinery, inaugurated by the President Abdel Fattah El-Sisi on Sunday, will produce 2.3 million tonnes of diesel fuel, 860,000 tonnes of high-octane gasoline and naphtha, 80,000 tonnes of butane gas, and 600,000 tonnes of jet fuel, according to a bourse disclosure on Monday.

Given the reduction in the number of international flights as a result of the coronavirus (COVID-19) pandemic, the refinery will produce additional 600,000 tonnes of diesel instead of jet fuel.

In addition, the refinery will also stop emissions of 186,00 tonnes of sulfur dioxide and 96,000 tonnes of sulfur, cutting sulphur emissions in Egypt by 29%. 

Qalaa Holdings controls ERC and owns an indirect stake of 13.1% in the company.

The refinery is expected to cut the value of Egypt’s annual petroleum imports by $600 million to $1 billion annually.