The Egyptian Refining Company (ERC), operator of an 81,500 b/d hydrocracker on the outskirts of Cairo, posted a loss of E£1.94bn ($122mn) for Q3, level with Q2, for a cumulative loss of E£5.30bn ($335mn) for the plant’s first nine months of operation.

At least ERC’s assets at E£64.5bn ($4.1bn), are valued more than the plant’s E£48.5bn ($3.1bn) liabilities (of which some E£41.85bn, $2.63bn is debt), according to the freshly-released Q3 financial statement of parent company Qalaa Holdings. (CONTINUED - 1002 WORDS)