Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said.
Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo facility will ramp up output to 98 percent of capacity by the end of 2018.
