A press release to Egypt Oil&Gas stated that the Minister of Petroleum and Mineral Resources, Tarek El Molla, headed the extraordinary general meeting of Alexandria Mineral Oils Company (AMOC) as part of his inspection tours to track the refining projects’ workflow in Alexandria in the presence of the First Undersecretary of the Ministry for Petroleum, Eng. Mohamed Taher, CEO of the Egyptian General Petroleum Corporation (EGPC ), Eng. Tarek El Hadidi, representatives of the Central Auditing Organization and AMOC’s shareholders.
During the assembly, AMOC’s CEO, Amr Mostafa, presented the work schedule, which included issuing international certificates of deposit on the proportion of AMOC ‘s stock shares within the legal limits . This makes AMOC the first Egyptian company to follow these regulations. In turn, the company is to be affiliated to the golbal private stock markets.
In addition, the assembly approved fragmenting the nominal value per share, to EGP 1 instead of EGP 10. This comes in addition to approving further complementary activities, including refining crude for its own account or for the account of others, and producing diesel and gasoline.