AMOC to Buy Condensates from Dana Gas

AMOC to Buy Condensates from Dana Gas

Alexandria Mineral Oils Company (AMOC) has reached an agreement to buy condensates produced by Dana Gas. The agreement will be signed within a week, Al Shorouk informed, citing AMOC’s Chairperson, Amr Mustafa.

AMOC aims to refine 1,500b/d of Dana Gas’ condensates in its refineries for two months, increasing the amount of condensates to 4,000b/d thereafter.

Mustafa also mentioned that AMOC has signed a deal with the Egyptian General Petroleum Corporation (EGPC) to buy 500,000 barrels of Iraqi crude oil every two months. He did not mention the value of the two agreements. Additionally, EGPC inked a deal in April with Iraq’s State Organization for Marketing of Oil (SOMO) to import 12m barrels of Iraqi crude oil for one year.

AMOC’s chairperson further said that the company started refining crude for its own refinery at Middle East Oil Refinery (Midor) in April. He added that AMOC refined 250,000 barrels during April and generated revenues of $345,000. Mustafa expects that AMOC will earn additional revenues of $6m a year from crude refining at Midor Refinery.

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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