A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum, Tarek El Molla, attended the General Assembly of Alexandria Mineral Oils Co. SAE (AMOC) to review the company’s fiscal results for year 2015/2016.

During the assembly, AMOC’s CEO, Amr Mostafa, stated that the company contributed in covering local demand of petroleum derivatives by producing 564,000 tons of diesel, naphtha and butane, 117,000 tons of oils and waxes, in addition to 910,000 tons of mazut worth $485m. AMOC also exported 62,000 tons of paraffin wax for $52m. The company achieved a total earnings after tax of EGP 435m which is a 28% increase from the previous fiscal year.

Mostafa, added that AMOC is studying several projects including an oil complex with investment between $700-800m, that aims to produce heavy oils, microcrystalline wax, and asphalt to increase added value through high quality production and to cover demands, while decreasing imports.

AMOC’s 2015/2016 results were reflected on the price of the company’s shares on the Egyptian stock market. Share prices increased by 25% from EGP 24 to EGP 30 at the end of June, and  reached EGP 38 by mid-September, the company’s market value reaching $3.27b.