Petroleum Africa
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Tuesday, March 22, 2016
Moroccan refiner, Samir, has been put into liquidation by a Moroccan court. The court has also named an independent trustee according to local media. The refiner can appeal the court’s decision, but it only has 10 days to do so.
Samir has had a number of issues over the past few years and has been shut in for over six months. Morocco’s tax administration froze the company’s bank accounts in an attempt to claim a $1.3 billion tax bill. The Moroccan government said Samir’s total debt amounted to around $4.55 billion.
Samir has been paying its employees since the shut in, putting itself further and further into debt.
Corral Holdings which controls a majority interest in Samir has been negotiating with the Moroccan government, but talks have so far failed to find a solution to the refinery’s crisis.
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