Alexandria Mineral Oils Company (AMOC) increased its crude mazut exports during the months of May and June, AMOC’s Chairman, Amr Mostafa, told Al Mal News.

During that time period, the company exported two 65,000 ton cargoes worth $16 million.

Mostafa expects mazut exports to continue to increase in October and November due to the drop in local consumption during the winter.

AMOC has recently opened new export markets in several countries, including Mexico, and has benefited from the EGP floatation, Mostafa said. He added that the company is expected to export around $50-$55 million worth of waxes and three to four cargoes of mazut worth around $30 million.

Mostafa expects trading in the company’s global depository receipts (GDRs) to start within two months due to Al Ahly Capital’s conversion of a portion of its stake in AMOC to GDRs.

Al Ahly Capital is converting 39.5% of its shares in AMOC—which is approximately a 10% stake in the company—to GDR, the company’s managing director, Khaled Badawi, previously told Al Mal News.