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Tuesday, 20 March 2018

AMOC reaches USD 500 mn funding agreement with int’l finance institutions

AMOC reaches USD 500 mn funding agreement with int’l finance institutions: Alexandria Mineral Oils Company (AMOC), one of the companies that will list shares in the state IPO program, has reportedly reached an agreement with five international and local banks to finance the company’s USD 500 mn oil refinery project, AMOC sources told Daily News Egypt on Sunday. Among the list of funders were the International Finance Corporation and the European Bank for Reconstruction and Development, the sources added. Feasibility studies for the project, which comes as part of the Oil Ministry’s plan to eliminate the use of oil fuel by 2021 by refining it and converting it to other high value products, will be completed next month.

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