Gulf Oil and Gas accountACCOUNT

Morocco Oil Refiner Samir Plans $1.04b Capital Increase

Source: Reuters 9/11/2015, Location: Africa

Morocco oil refiner Samir said it was planning a capital increase of 10 billion Moroccan dirham ($1.04 billion) in an effort to end the company's financial difficulties.

The refiner called for an extraordinary general assembly meeting on October 16 to approve the move, a statement issued after its board meeting said.

Samir, controlled by Corral Petroleum Holdings, announced last month it was halting production at its 200,000 barrel-per-day (bpd) Mohammedia refinery.

Morocco's tax administration have since seized the company's bank accounts in pursuit of a 13 billion-dirham ($1.3 billion) tax claim.

The company on Thursday reported a 2.17 billion-dirham ($223 million) first-half loss.

It posted a record net loss of 3.42 billion dirhams ($354.52 million) at the end of 2014 mainly due to the revaluation of inventory after oil prices fell.

Samir shares have lost around 50 percent in 2015 on the Casablanca stock exchange.

The company had total debt of more than 24 billion dirhams at the end of 2014, company data showed, including billions owed to the government in taxes and charges. It had a cashflow deficit of 11 billion dirhams.

As Morocco's only refinery, its closure would make the country entirely reliant on imports. At just under 300,000 barrels per day, Morocco's petroleum consumption is Africa's fifth largest, according to data from the U.S. Energy Information Administration.

The closure could also impact Moroccan banks exposed to Samir's debt, experts say.

Saudi billionaire Mohammed al-Amoudi, owner of Corral Holdings, which controls 67.26 pct of Samir, has been negotiating with the Moroccan government to find a compromise to end the company's crisis.

For more information about related Opportunities and Key Players visit North Africa Projects

Investment News in Morocco >>

Tunisia >>  3/31/2020 - Zenith Energy Ltd., has signed a non-binding Letter of Intent ("LOI") with an Arab consortium of strategic institutional investors focused on African ...
United Kingdom >>  3/30/2020 - Operator Siccar Point Energy E&P Ltd, and its joint venture partner, Shell UK, have announced the deferral of the planned sanction date for the Cambo ...

Norway >>  3/23/2020 - Aker BP is updating its investment program and financial framework in order to secure additional financial optionality in response to the high uncerta...
United Kingdom >>  3/13/2020 - Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, notes the following with respect to cu...

Argentina >>  3/12/2020 - President Energy, the energy company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update ...
United States >>  3/12/2020 - Murphy Oil Corporation has revised its capital spending plans for 2020 given current market conditions and recent commodity price volatility. ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Morocco Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Morocco >>

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.