Already a Bloomberg.com user?
Sign in with the same account.
Dec. 14 (Bloomberg) -- Alexandria Mineral Oils Co., an Egyptian petroleum products producer, climbed to the highest since August after Al Mal newspaper said the company may start a $680 million project to increase production of butane, naphtha and fuel for airplanes.
Shares of Alexandria Mineral gained 4.4 percent to 69.85 Egyptian pounds at 11:31 a.m. in Cairo, valuing the company at 6 billion Egyptian pounds ($999 million).
The company may seek to build the project through an international tender, Cairo-based Al Mal reported, citing unidentified people. Alexandria Mineral may also increase its capital, the newspaper said.
No one was immediately available at Alexandria Mineral to comment on the report.
--Editors: James Kraus, Alex Nicholson
-0- Dec/14/2011 09:33 GMT
-0- Dec/14/2011 09:49 GMT
To contact the reporter on this story: Mahmoud Kassem in Cairo at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org