Egyptian Refining Company, a subsidiary of Qalaa Holdings, a leading investment holding founded by Egyptian businessman Ahmed Heikal, has completed the repayment of 417 million to its lenders, a step that sharply cuts the refinerys senior debt and brings one of Egypts largest energy projects closer to financial stability.
Debt pared, dividends possible by 2026
The payment, made on Dec. 19, reduced ERCs senior debt to about 63 million from more than 2.35 billion at its peak, according to company disclosures. The remaining balance is due in March 2026, positioning the company for a near-term exit from senior debt obligations that once weighed heavily on its balance sheet.
