Bloomberg News

Alexandria Mineral Rises to Almost Four Month High on Report

December 14, 2011

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 mkassem1@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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