Troubled Egyptian conglomerate Qalaa Holding (QH) released its Q2 results on 30 September. And they weren’t a pretty sight. Losses continue to mount at the company’s key $4.4bn, 81,500 b/d Egypt Refining Company (ERC) hydrocracker on the outskirts of Cairo.

Auditor PWC ramped up the ‘going concern’ warning it placed on the company alongside its Q1 results three months earlier (MEES, 3 July). (CONTINUED - 1270 WORDS)