October 20, 2019 / 9:15 AM / 24 days ago

UPDATE 1-Egypt's Qalaa to raise production capacity to 5.5 mln tonnes/year in 2021

(Adds background and details)

By Ehab Farouk

CAIRO, Oct 20 (Reuters) - Egypt’s Qalaa Holdings, one of the country’s largest investment companies, will increase its refinery production capacity to 5.5 million tonnes of oil products per year in 2021 from 4.2 million now, the company’s chairman told Reuters.

Qalaa holds 13.1% of Egyptian Refining Co (ERC), a $4.4 billion project it co-owns with Qatar Petroleum, state-run Egyptian General Petroleum Corp (EGPC) and other partners. Qalaa previously held a 17.9% stake.

“We aim to increase refinery production to 5.5 million tonnes per year during 2021,” Ahmed Heikal said.

“In January all our refinery units will operate 100%.”

Heikal said the company would offer shares of Taqa Arabia and Arab Refining Co, a major shareholder in ERC, in the second and fourth quarters of 2020 on the stock market, without giving details of the quantity of shares to be sold.

Qalaa, which owns 55% of Taqa Arabia, hired investment bank EFG Hermes and HSBC to manage Taqa Arabia’s sale, Heikal added.

Reporting by Ehab Farouk Writing by Amina Ismail Editing by David Holmes and Dale Hudson

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