The Egyptian Refining Company (ERC) has settled $417 million of its senior debt, reducing its remaining debt to $63 million from a peak of $2.35 billion, according to a disclosure to the Egyptian Exchange by the company, a subsidiary of Qalaa Holdings.

The remaining  $63 million is scheduled for payment in March 2026, which makes ERC  eligible to pay dividends to its shareholders, upon approval of its AGM.

Meanwhile, ERC will continue servicing its $773 million mezzanine loan through 2030. The debt originated from project financing for the Mostorod Refinery, one of Egypt’s largest refining facilities.