AMOC considers building $500 million fuel oil refining complex

AMOCState-owned Alexandria Mineral Oils Company (AMOC) is considering spending USD 500 mn on a fuel oil refining project, chairman Amr Mostafa tells Al Mal. Technical studies are being drafted and are expected to be completed before year-end. The company is also issuing a tender for the development of a USD 50 mn fuel oil production unit in September. The unit should be completed end of 2019 and will be funded by a capital increase and USD-denominated export receipts. Separately, Mostafa expects trading in the company’s global depository receipts (GDRs) to begin within two months. Al Ahly Capital is converting 39.5% of its shares in AMOC — the equivalent of 10% of the company — to GDRs on the London Stock Exchange.



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