An Egyptian refining company which is partly owned by the government has said it is carrying out a project to upgrade its facilities to increase output.

Alexandria Mineral Oils Company (AMOC) said in a bourse statement that it produced nearly 1.5 million tonnes of products which includes naphtha, LPG, gasoil for domestic consumption during fiscal 2022-2023.

AMOC Chairman Amro Lutfi, speaking during a general assembly meeting on Saturday, said the company has been locked in a project to upgrade facilities and boost efficiency with the aim of increasing output of most products.

“One project includes upgrading the efficiency of the steam and condensate systems and reducing steam losses in the diesel units besides a project to modernise the boiler operating system,” Lutfi said.

AMOC’s biggest shareholder is state-run Alexandria Petroleum Co. with a 21 percent stake. Two other state oil companies each own 3.6 percent stakes and various banks and investment funds own 52 percent of the firm.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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