Alexandria Mineral Oils Company (Amoc) and Suez Oil Processing Company (SOPC) are seeking finance for new upgrading units at their plants as they look to improve the quality of their products.

Amoc, which operates a fuel oil upgrading plant based around a 35,000 b/d vacuum distillation unit, has agreed with five international and local institutions on a financing package for a $500mn project to install a hydrocracker to enable it to convert more fuel oil into diesel. The European Bank for...