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Morocco’s Refinery ‘Samir’ Plans $1.04 Billion Capital Increase

Source : | 12 September 2015 |  Economy | 750 views


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Rabat – In an effort to ease the company’s financial woes, Morocco’s sole refiner Samir is reportedly planning a MAD10 billion ($1.04 billion) capital increase, Reuters reported on Friday.

Samir, controlled by Corral Petroleum Holdings, called for an extraordinary general assembly on October 16 to approve the capital increase, the company said in a statement.

Saudi billionaire Mohammed al-Amoudi, owner of Corral Holdings, controls 67.26 per cent of Samir.

Samir (Societe Anonyme Marocaine de l’Industrie du Raffinage) announced last month it was suspending production at its 200,000 barrel-per-day (bpd) Mohammedia refinery.

The country’s tax administration has since seized the refiner’s bank accounts to claim 13 billion-dirham ($1.3 billion) in taxes, according to Reuters.

The company on Thursday reported first-half losses of MAD 2.17 billion ($233 million). Its shares on the Casablanca stock exchange have also lost around 50 per cent in 2015.

Morocco’s demand of oil currently stands at 300,000 barrel per day, making it the fifth largest oil consumer on the continent, according to the US Energy Information Administration data.

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