Dec. 15 (Bloomberg) -- Alexandria Mineral Oils Co. headed for the biggest decline since Nov. 21 after the petroleum products producer denied a report in Al Mal newspaper that it may embark on a $680 million project.

The shares tumbled 2.1 percent to 68.13 Egyptian pounds at 1:17 p.m. Egypt’s benchmark EGX 30 Index fell 0.1 percent.

The report is “incorrect,” the company known as Amoc said in a regulatory filing to the Egyptian Exchange after the market closed yesterday.

--Editor: Shaji Mathew

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

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