Rabat, Morocco (TMT)- Hussein El Yamani, the General Secretary of the National Union of Oil and Gas, has raised concerns about the Moroccan petroleum refinery company, SAMIR, and its increasing losses. He has attributed these losses to the government’s failure to take serious steps towards restarting its operations.
He believes that SAMIR’s continued inactivity could lead to “significant financial losses for Morocco, its creditors, and the economy as a whole. Therefore, the government must take prompt and effective action to restart SAMIR’s operations.”
El Yamani, who is also a leader in the Democratic Confederation of Labour Union, has warned that if SAMIR is not rescued and returned to operation soon, Morocco, as well as public and private creditors inside and outside the country, could potentially lose over MAD 45 billion in debt, excluding penalties and fines imposed by customs and exchange offices.
“SAMIR’s inactivity has caused asset losses, which are currently valued at MAD 21 billion and the assets are depreciating on a daily basis. If SAMIR does not resume refining petroleum, these assets will be worth nothing. Additionally, Morocco may lose another MAD 28 billion if it loses the international arbitration case against Mohamed Al-Amoudi, the former owner of 67% of SAMIR’s capital,” stressed El Yamani.
The Moroccan Times.