Morocco: Samir crisis sparks speculation over products, crude imports
Issue 300 - 15 May 2015
Despite moves to mobilise new finance for the Mohammedia refinery, concern is growing about Société Marocaine d’Industrie de Raffinage (Samir)’s financial health and ability to remain the dominant player in the national products market. This follows the announcement of losses in 2014 and questions about the ability and appetite of the refinery’s ultimate owner, Saudi-Ethiopian magnate Mohammed Hussein Al-Amoudi, to meet heavy financial costs. Al-Amoudi’s business interests, including the Samir refinery’s Swedish-based owner Corral Petroleum Holdings, which holds 62.27% of the equity, have long been linked to the Saudi ruling family’s Al-Sultan branch.
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