ERC is a state-of-the-art USD 4.3 billion greenfield petroleum refinery, Egypt’s largest PPP infrastructure megaproject and the largest private sector-led infrastructure megaproject in Africa that has been developed with the cooperation of a broad spectrum of debt and equity investors led by Qalaa Holdings.

ERC, Egypt’s largest PPP infrastructure megaproject, is a pivotal import substitution project that will bolster Egypt’s energy security and provide environmentally friendly fuel for sustainable economic growth.

ERC is converting lowest value fuel oil into middle and light distillates that are meeting domestic consumption needs and eliminating 186,000 tons of Egypt’s annual sulfur dioxide emissions or c. 29% of Egypt’s present-day total, and improving the quality of the national refined products supply.

In June 2012, ERC reached financial close on the equity and debt components of project financing. Qalaa Holdings invested in the project alongside Gulf and international investors, global export credit agencies and development finance institutions. Construction began in 2014, with the consortium of GS Engineering & Construction Corp. and Mitsui & Co. Ltd acting as the contractor for the project. The project has generated more than 18,000 jobs at peak construction, and 1,000 permanent positions.

The Egyptian General Petroleum Corporation (EGPC) and Cairo Oil Refinery Company
(CORC), the nation’s largest refinery with 20% of Egypt’s current refining capacity, is providing fuel oil as feedstock for ERC. ERC has the capacity to produce 4.7 million tons of refined products per year, including 2.3 million tons of Euro V diesel, representing 30-40% of Egypt’s current imports and 600,000 tons of jet fuel. Liquid stock products are being sold to EGPC at international prices under a 25-year off-take agreement.

As an import substitution project delivering diesel and other high-value products to EGPC at the heart of the consumption market in Greater Cairo, ERC is strategically important to Egypt’s energy security. 

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  MOHAMED SAAD

  ERC - Managing Director
  

  MOHAMED SAAD

  ERC - Managing Director

  Mohammed Saad Ibrahim holds vast experience in the energy sector. He began his career as an engineer at Nasr Petroleum in Alexandria in 1975. He later went on to work at Suez Petroleum where he held various senior level positions between 1977 and 2009, including Chairman of the Board. In 2009 Ibrahim moved to Al Nasr Petroleum Company where he served as Chairman for one year after which he became Vice Chairman of the South Valley Holding Company for Petroleum until 2012.

  Additionally, Ibrahim has held a number of executive positions in organizations including memberships in: the Geographical Committee for Suez and Sinai petroleum companies, and the Governing Council of Sukhna Refining and Petrochemicals. He was also the Chairman of the Suez Institute for Management Information Systems and Professor Emeritus at the Faculty of Petroleum and Mining Engineering and the Faculty of Science at Ismailia University. Ibrahim received a bachelor's degree in engineering from the University of the Suez Canal in 1975, and a Master's degree in Chemical Engineering from the University of Oklahoma in the United States in 1985. He earned his PhD in Chemical Engineering from Cairo University in 1995, and has held honorary memberships in a number of companies and scientific organizations.

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  Aliaa Heikal

  ERC - CFO
  

  Aliaa Heikal

  ERC - CFO