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AMOC to increase investments to EGP 3bn

Thursday 26 July 2018 01:24 PM


By Mostafa Talaat:
Alexandria Mineral Oils Company (AMOC) is planning to boost its investments during the fiscal year 2018/19 to EGP 3bn from EGP 1.5bn. The funds are directed to complete upgrading process, build diesel unit and implement gasoline refining project.
AMOC chairman Amr Mostafa said that the board of directors would study the details of gasoline refining project costing USD 500mn by the end of August.
He told Al Mal newspaper that Netherland’s Flour Co. tasked with conducting feasibility and technical studies on gasoline refining project will complete its work at the end of August in preparation for determining final investing costs and ways of financing.
Five international firms submitted offers to win the project of diesel refining.
Founded 70 years ago, the Dutch Flour is a global company providing engineering, manufacturing, construction, feasibility studies and project management services to oil firms operating in the Middle East and other areas in the world.
Mostafa said that AMOC managed last month to export 2 gasoline shipments worth USD 25 mn to an African country, adding that another 2 shipments are scheduled to be exported in August.
He stated that the ministry of petroleum will keep its share in AMOC and will not exit from the firm.