Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) announced contracting to export two fuel oil shipments at the international prices of low-sulfur fuel oil.

The first shipment has already been exported, while the second shipment is expected to be exported in the near future, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday

The amount and value of the two deals have not been disclosed.

The company aims to improve its financial position in a bid to withstand volatility in international prices, affected by the pending application of the International Maritime Organisation's (IMO) 0.5pc sulphur cap in 2020.

It is noteworthy that during the first quarter of fiscal year 2019/2020, AMOC logged a net profit of EGP 31.8 million, compared to EGP 253.09 million in the year-ago period.