Alexandria Mineral Oils Company (AMOC) is in talks with an international refining company to sign contracts for selling 300,000 tons of mazut on a yearly basis, Al Borsa Newspaper reported.

The Egyptian General Petroleum Corporation (EGPC)’s consumption of mazut decreased due to natural gas discoveries and operating electricity power plants with gas, which inspired AMOC to look for exporting opportunities, said Amr Mostafa, Amoc’s head.

Mazut represents 45% of AMOC’s sales. Hence, decreasing mazut sales affected AMOC’s profit, which fell by 37% recording EGP 253.09 million during the three months ending in September 2018, compared to EGP 402.6 million in the same period in 2017.