AMOC targets LE 1.1B profits in FY2017/18: Chairman

CAIRO – 25 September 2017: Alexandria Mineral Oils Company (AMOC) targets achieving LE 1.1 billion ($62.2 million) profits in the current fiscal year, the company’s Chairman Amr Moustafa said.

Moustafa added that AMOC is waiting for the approval of the Egyptian General Petroleum Corporation (EGPC) to buy condensates from the UAE’s Dana Gas.

Through April and May, the company was able to export two Mazut shipments worth $15 million, the chairman noted.

Around 39.5 percent of Al Ahly Capital stake in the company, equivalent to 10 percent of the company’s shares, will be listed as global depository receipts (GDRs) on London Stock Exchange (LSE), the chairman told Egypt Today.

Moustafa expected that the listing will be before the second half of October, adding that this move will encourage the rest of investors to offer additional stakes of the company’s shares.

AMOC intends to establish a huge project for Mazut refining of a total investment value of $500 million.

Egypt's Ministry of Petroleum has put a plan to get rid of the Mazut by 2021 by refining and transferring it to other products of high value.