Qalaa Holdings announced the start of operation of the hydrocracker in its Egyptian Refining Company (ERC) project.

Currently, all the project’s units are operating, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
Previously, Qalaa Holdings revealed that it holds a 13.14% stake directly and indirectly in the Egyptian Refining Company (ERC).

In May, the company received a funding worth $120 million to finance ERC project, divided into $70 million for capital raise and $50 million for loans to shareholders.

-Mubasher