Korea’s GS Engineering & Construction and Japan’s Mitsui have started construction of the $3.7bn Egyptian Refining Company (ERC) plant at Musturud, 20km northeast of Cairo.

The plant will be “transformative” for the Egyptian economy, a “key component of Egypt’s energy security going forward,” according to Ahmed Heikal, Chairman of the projects key backer, Egyptian investment firm Citadel Capital. (CONTINUED - 468 WORDS)