Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) has reached an agreement with a number of local and international banks and financial institutions to establish a fuel oil refinery with $500 million in funding, Daily News Egypt reported.
The feasibility study of the project will be finished next April, while financial institutions including International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), according to AMOC.
The project is part of the Egyptian petroleum ministry to narrow fuel oil usage down by 2021 and shift to other petroleum products of higher quality.
Given that the finance ministry has announced two days ago that about 23 state-run firms would be offered on the Egyptian Exchange (EGX) to raise up to EGP 80 billion as part of the government's initial public offerings (IPOs) programme’s first phase.
