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AMOC's stock hits highest Tuesday

AMOC's stock hits highest Tuesday
AMOC hit all-time high on Tuesday
AMOC
AMOC
-0.40% 7.49 -0.03

Cairo – Mubasher: Alexandria Mineral Oils Co’s (AMOC) stock hit its an all-time high on Tuesday, in line with announcing it has reached an agreement to establish a fuel oil refinery with $500 million in funding.

By the end of Tuesday’s trading session, AMOC's stock soared 9.93% to lead blue chips at EGP 10.3.

Turnover of trading on the share reached about EGP 88.33 million through 8.9 million shares.

AMOC announced today it 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.

The project is part of the Egyptian petroleum ministry's plan to narrow fuel oil usage down by 2021 and shift to other petroleum products of higher quality.