ERC Refinery

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The project consists of the construction of a 5 million ton per annum hydro-cracking and coking facility in Mostorod, Greater Cairo, by the Egyptian Refining Company SAE (“ERC” or the “Company”) to upgrade locally available refinery atmospheric residue into lighter products, such as ultra low sulfur Euro V diesel and high octane gasoline blending component, for the domestic Egyptian market (the “Project”). The Project will also include environmental upgrades to the adjoining facilities of state-owned Cairo Oil Refining Company (“CORC”) and Petroleum Pipeline Company (“PPC”). Egyptian General Petroleum Company (“EGPC”), a Government of Egypt (“GOE”) economic authority, and owner of both CORC and PPC, will supply most of the feedstock to the Project and off-take most of its production. The Project is seen by GOE as an important import substitution project which will address the strong deficit of lighter petroleum products in the Greater Cairo region, which represents about half of the Egyptian refined products market, and Egypt’s surplus of atmospheric residue/fuel oil.