Petroleum Africa
Find us on: 
Monday, February 24, 2014
Morocco’s only oil refiner, Samir, obtained a $300 million loan via an agreement with Glencore Energy. The agreement includes exporting part of its production to Glencore. This is the second agreement the Moroccan refiner has signed in the past couple of years. In 2012 Samir obtained a 24-month loan of $200 million from Glencore.
“Funds related to the deal were received on February 11, 2014 by Samir,” the company said in a statement.
The funds will be used in part for the repayment of debt to Moroccan banks totaling about $208 million, which was used to rehabilitate its Mohammedia refinery.
“The deal will strengthen the company’s finances and improve its rating, which will allow it to get local and international funding with good conditions,” the statement said.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
