The Alexandria Mineral Oils Company (AMOC) has reached an agreement with five financial organisations to fund its $500-million-cost refinery project, Zawya reported.

AMOC sources said that Zawya had held initial talks with over 10 banking and local institutions but that the company agreed with only five organisations, including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

Head of AMOC Amr Moustafa confirmed that the Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has approved the refining project, and announced that the project’s studies will be completed in April 2018.

The Egyptian Ministry of Petroleum plans to decrease the use of oil fuel by 2021 through refining it and turning it into higher value products.

AMOC produced EGP 8.5 billion petroleum products in fiscal year (FY) 2016/2017 with a net profit of EGP 1.1 billion, a 153% increase in profits from FY 2015/2016, Egypt Oil & Gas reported in 2017.

The company produced 1.4 million tons of diesel, naphtha, butane, and mixed mazut in addition to 185,000 tons of oils and waxes, Moustafa said. AMOC exported 61,000 tons of waxes worth more than $50 million and 65,000 tons of mazut worth $18 million.