A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, attended the board meeting of Alexandria Mineral Oils Company (AMOC) to discuss a number of new projects that will be executed soon.
El Molla stated that the petroleum market is witnessing several changes in both production standards and efficiency of the production units. These changes require continuous developments to the existing units and adding new ones in order to boost production standards, increase production, and reduce costs.
AMOC’s CEO, Amr Mustafa, said that the amount of investment in the development projects stands at around $50m, aiming at improving production units to produce efficient oil that comply with global standards. The development projects further include improving production facilities and mixing special oils in order through using surplus capacities in mixing stations to get the best economic use of it. Egypt will also expand distribution networks of furnaces fuel as a replacement for mazut.
Mustafa added that AMOC’s stake in the stock market is increasing as it jumped by 120% after the EGP devaluation.