Alexandria Mineral Oils Company (AMOC) is considering an investment of  $500 million in a mazut refining project to turn mazut into a high-value product, AMOC’s Chairman, Amr Mostafa, told Al Mal News.

The project is still in the initial study phase, but the board of directors will make a final decision on it by the end of 2017, Mostafa said.

The project is in accordance with the government’s plans to make Egypt free of mazut by turning it into other products by 2021.

AMOC plans to launch a tender by the end of September 2017, Mostafa said, adding that international companies will have the opportunity to submit offers for the development of a $50 million diesel unit.

The company is aiming to complete the diesel unit by the end of 2019 in order to boost its capacity, produce diesel that meets global standards, and reduce costs.