Alexandria Mineral Oils Company (AMOC)’s CEO, Amr Mostafa, stated to Egypt Oil&Gas that AMOC plans to increase it production for this year after signing a contract with French Axens Group. The company aims to complete oil complex project with total investments $800m in order to increase the production of heave oils, micro wax, and asphalt to save the foreign currency spent on importing.

Mostafa pointed out that AMOC targets increasing diesel production to be 620,000 tons in 2017/2018. He added that the company will offer between 20% and 35% of its shares on stock market within the first quarter of 2017.

During fiscal year 2016/2017 AMOC contributed in covering a part of the local market’s petroleum demands as it produces 564,000 tons of diesel, naphtha and butane, along with 117,000 tons of oils and waxes, and 910,000 tons of mazut, with total investments $485m. AMOC further exported 62,000 tons of paraffin wax worth $52m.

Mostafa informed that AMOC made 247.8% annual profit in the stock market during 2016/2017 due to the currency rates changes worth EGP 230m to reach EGP 545.7m by the end of 2016. Additionally, AMOC’s share price has increased by 2.34% by the end of the 19th of February to reach EGP 94.08 per share.