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

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...