Cairo – Mubasher: The board of Alexandria Mineral Oils Co (AMOC) has approved to implement Near-Zero Liquid Discharge (ZLD) project for treating wastewater and reusing it in the company.
According to EPAPILL, the project will be set up at an estimated cost of around EUR 13.9 million, AMOC said in a statement to the Egyptian Exchange (EGX) on Sunday.
The project will be financed through an EUR 11.1 million credit facility from the National Bank of Egypt (NBE), which accounts for 80% of the project’s value, the state-run oil firm added.
AMOC will be financing the remaining cost of the project valued at around EUR 2.8 million, representing 20% of the total cost, according to the statement.
The EGX-listed firm will be granted approximately 10% to 20% of the financing’s value according to the conditions of the contract.
The company will obtain an eight-year term loan worth EUR 11.10 million from the NBE with a two-year grace period, on which the reimbursement begins in the third year for six years through quarterly installments at an interest rate of 3%.
Moreover, the board agreed to complete acquiring a majority stake of Sasol Germany’s shares in Alexandria Wax Products.
AMOC previously reported a 37% year-on-year decline in profits for the first quarter of fiscal year 2018/2019.
Net profit amounted to EGP 253.09 million in the three-month period ended September, from EGP 402.6 million in the prior-year period.
