Egyptian Refining Company (ERC) will spend about $2.7 billion during 2015 and 2016 to complete its on its Mostorod refinery project.

Approximately $1 billion has already been invested in the project by the Qalaa Holding's subsidiary and the total investment is likely to be $3.7 billion, a Daily News Egypt report said quoting Wael Al-Orabi, the company’s commercial director.

He told Al-Borsa that a contract has been signed with the Egyptian General Petroleum Corporation (EGPC) to receive fuel oil. It will be converted into diesel at the Mostorod refinery and then resold to EGPC.

Production is expected to begin during the first quarter of 2017. The project, with a total production capacity of 2.3 million tonnes of diesel annually, will provide 50 - 60 per cent of domestic diesel needs.