Arab Finance: The Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, is considering investing $150 million to scale production up by around 10% over the coming three years, Qalaa Holdings’ Chairman Ahmed Heikal told Al Arabiya.

Heikal expects ERC’s revenues to hit about $3 billion by the end of 2023, given the increase in the volume of petroleum products and global oil prices.

The ERC is seeking to pay off its initial loans of $1.25 billion in the first quarter (Q1) of 2025, Heikal said, adding that the loans have decreased from $2.35 billion.

Heikal noted that ERC’s secondary loans amount to up to $740 million, which are due until 2030/2031 at maximum.

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