Page 3 - Weekly 6349

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Weekly highlights

Hydrocarbons

Why the Samir option is out of the question

The debt of the Mohammedia refinery amounts to 40 billion MAD, plus 12 billion for the maintenance and upgrading of the production tool
I S he a pedagogue or a dema- misunderstanding or confusion. the modernization of the produc- against the Moroccan Government.
tion tool which is today in a state of He also filed a complaint with the
“ The Samir oil refinery is not the
gogue? During his speech at
advanced degradation. The amount International Center for the Sett-
only solution to the problem of rising
the RNI (National Rally of
Independents) summer university fuel prices...” , said Baïtas, adding of these investments is estimated at lement of Investment Disputes
on Saturday, September 10 in the that “It is not the only solution but some 12 billion MAD. Added to this (ICSID, which is a body reporting
city of Agadir, Mustapha Baïtas, part of the solution”. The Govern- is the clearance of the situation with to the World Bank). El Amoudi is
in his capacity as a member of the ment spokesperson also specified suppliers, insurance companies, and claiming 14 billion MAD (from the
party’s Political Bureau and govern- implicitly that the refinery could creditors. Moroccan Government) in com-
ment spokesman, made a point of certainly solve a certain number of It should be recalled that the Mo- pensation for damage suffered. The
explaining the official position of the problems, in particular storage and roccan Government is not the only arbitration procedure was initiated
Executive in relation to the option refining, but it does not provide so- creditor of Samir. The company in 2018. The same businessman,
of reopening the Samir refinery in lutions to all the problems, because is indebted to several Moroccan who is a dual national (Swedish and
the city of Mohammedia. “Theore- Morocco is not an oil producing banks (BCP, Crédit du Maroc, Atti- Saudi), accuses the Moroccan state
tically and logically, we would say country. Even more, according to jari, BMCE, and others). There are of having “orchestrated everything
yes to the restarting of the Samir” , Baïtas, there is the liability related to also international banks, notably to push the refinery to bankruptcy
said Baïtas straight away before an the Samir refinery. “The company’s the Islamic Development Bank and in order to be able to nationalize
audience of the youth section of the debt amounts to 40 billion MAD... BNP Paribas, which claim unpaid it”. As a result, for considerations of
RNI party, in the presence of Moha- who today can make the decision debts. According to another source, international image and in order to
med Boussaïd, former minister and to erase such a large debt of 40 bil- it should not be forgotten that the attract investors, it would not be in
iconic figure of the party’s Politi- lion MAD?” asked the government Samir case is subject to judicial Morocco’s interest to contemplate
cal Bureau. However, according to spokesman skeptically. Furthermore, investigation both in Morocco and the scenario of the nationalization
Mustapha Baïtas, there are a num- the Samir reactivation scenario pre- internationally. (Saudi billionaire) of the company whatever the stakes,
ber of parameters and technical ele- supposes making major investments Mohammed al-Amoudi, in his ca- including that of energy sovereignty,
ments that the public opinion must in the maintenance of the facilities, pacity as boss of Corral Holding says an expert.o
take into account so that there is no the upgrading of equipment, and and owner of Samir, filed a lawsuit Amin RBOUB
Friday 16 September 2022