Global and regional delegates to the Egypt Economic Development Conference will look for lessons learned from the fully-funded US$ 3.7 billion (c. EGP 30 billion) Egyptian Refining Company project, which stands as the nation's second-largest megaproject currently under-construction after the New Suez Canal
The government of Egypt tapped Qalaa' Holdings' leaders to showcase its subsidiary Egyptian Refining Company (ERC), a US$ 3.7 billion (c. EGP 30 billion) greenfield refinery currently under construction in the Greater Cairo Area, in partnership with EGPC.
Qalaa is highlighting the megaproject at the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh this weekend.
"ERC illustrates Qalaa's strategy of investing in and developing large, nationally important infrastructure and industrial projects," said Qalaa Chairman and Founder Ahmed Heikal. "The project is fully funded and 50% complete, putting it on track to begin production in 2017 as planned. ERC is a cornerstone of Egypt's economic security and will reduce the nation's present-day diesel imports by more than half. What's more, ERC will cut Egypt's current sulfur emissions by nearly one-third. Heading into what we expect will be a very busy summer on site, with over 10,000 employees working on the project, I am pleased to note that all of our construction permits are in hand and thousands of tons of critical equipment have arrived in Egypt."
Heikal will join industry leaders as well as Egypt's minsters of petroleum and of energy and electricity on stage on Saturday, 14 March 2015 for a discussion of "Egypt's Energy Equation."
Meanwhile, Qalaa Co-Founder and Managing Director Hisham El-Khazindar will present ERC as one of two case studies during the in-depth sector session on energy, joined by other national and global industry leaders.
"Egypt currently imports about 40% of its diesel needs. As the first new refinery to be built in Egypt in years, ERC is a landmark for the 'New Egypt.' The project is a model for what a 'win-win' industrial public-private partnership should be all about," said El-Khazindar. "Alongside continued investment in resource development, this is a moment at which our nation must 'think big' -- to create assets that can make meaningful, ongoing contributions to national growth. ERC does so in a manner that not only adds value to existing resources, but that also marshaled billions in foreign direct investment to develop an environmentally and socially responsible project."
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Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) is an African leader in infrastructure and industry. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in core industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
Forward-Looking Statements
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes "targets" or "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.
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Ms. Ghada Hammouda
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Qalaa Holdings
ghammouda@qalaaholdings.com
Tel: +20 2 2791-4439
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© Press Release 2015
