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Reopening Morocco’s only oil refiner Samir would generate a yearly 10 billion dirhams, union

Reopening Morocco's only oil refiner Samir would generate a yearly 10 billion dirhams, union

Hespress ENSunday 5 June 2022 – 16:59

The Unified Union Office of the Democratic Confederation of Labor called on the government to reopen Morocco’s only oil refiner Samir that they say would reduce spendings on international refined oil prices.

 Profits generated from the refining process of oil have increased significantly, moving from $5 a barrel to about $20, in a context marked by the Ukriane war.

The Union said repair needed to reopen Samir  would require a reasonable eight months, and a budget of less than than two billion dirhams.

The refinery can achieve a raw annual profit of 10 billion dirhams and a net profit of 5 billion dirhams, with the recovery of the amount of the forfeit within 4 years and covering the reclamation expenses in the first year of exploitation.

The Petroleum Refining Company has been suspended since 2015 due to the accumulation of its debts under the leadership of its former owner, Saudi-Ethiopian businessman Mohammed Hussein Al-Amoudi.

The government has said, at the time, SAMIR’s total debt is hovering around MAD 44 billion.

Its bank accounts were frozen when the refinery was shut down in pursuit of the tax claims.

Oil prices SAMIR Ukraine war



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