Morocco’s sole refinery plots financial restructuring

Societe Anonyme Marocaine de l'Industrie de Raffinage (SAMIR) is planning a financial restructuring of the company in an effort to maintain ongoing operations at its 10 million-tonne/year refinery at Mohammedia, Morocco, north of Casablanca.

The company will hold a September meeting for board of directors to convene an extraordinary general meeting of stakeholders on Oct. 12 to finalize a capital increase included as part of a financial restricting plan recommended by Attijari Finance Corp. of Morocco, SAMIR said.

The announcement follows confirmation from SAMIR on Aug. 5 that it has been forced to temporarily suspend processing operations of unidentified production units as a result of financial difficulties.

Full restart of the refinery’s impacted units is scheduled for mid-August, according to an Aug. 6 release from the company.

The refinery, which continues to operate at reduced rates, also continues to supply petroleum products to Morocco’s domestic market, SAMIR said in an Aug. 10 release.

The company, which is majority owned by Corral Petroleum Holding AB (67.27%) and controlled by Sheikh Mohamed Al Amoudi, additionally denied recent media reports of any plans to permanently close the refinery.

Contact Robert Brelsford at rbrelsford@ogjonline.com.

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