Morocco’s Commercial Court Declares SAMIR Refinery Bankrupt and Sentence it to Compulsory...

Morocco’s Commercial Court Declares SAMIR Refinery Bankrupt and Sentence it to Compulsory Liquidation

SAMIR employee. Image for illustration purpose only.
SAMIR employee performing calculations. Image for illustration purpose only.

Rabat, Morocco (TMT)- Morocco’s refinery SAMIR, a supplier of petroleum products and a key player in the Moroccan industrial sector, was sentenced today by Morocco’s commerce court to compulsory liquidation.

The court considered that SAMIR, which operates in two sites, Mohammedia, and Sidi-Kacem and has a refining capacity of 150,000 barrels/day and a storage capacity of 2 million m³, has reached a dead end with its current very critical financial situation that can no longer be redressed in the future, ergo bankrupt.

The company will still be operating for the next three months as the court rule will be valid starting from next June, meaning that by then SAMIR will be officially brought to an end, and the assets and property of the company will be redistributed.

SAMIR, the only refinery in Morocco, supplied for many years Morocco’s petroleum product needs and exported its production surplus to the international markets.

SAMIR was involved for many years in all of the industrial processes of producing petroleum products, including Trading, Shipping, Refining, Storage, and Distribution of Gas, Liquid petroleum, Motor and Heating fuels, thanks to its share in the capital of TSPP (100%), ACAFE (100%), SDCC (100%), JPS (60%), AFRICBITUMES (50%), SALAM-GAZ (50%) and SOMAS (38%).

The company’s main stakeholders are « Corral Group » which holds 67.27% of its capital share. Corral Group is a subsidiary of the MIDROC group, owned by Sheikh Mohammed Hussein AL AMOUDI a Saudi businessman.

The Moroccan Times.