Moroccon Refiner Samir Issues Profit Warning

Source: Reuters 3/18/2016, Location: Africa

Morocco's sole oil refiner Samir issued a profit warning on Friday, saying that 2015 results are expected to show a widening loss after production was halted last year and its bank accounts were frozen.

Samir, which is controlled by Saudi Corral Petroleum Holdings, said in August that it was halting production at the 200,000 barrel-per-day (bpd) Mohammedia refinery.

Morocco's tax administration seized the company's bank accounts a few weeks later in pursuit of a 13 billion dirham ($1.35 billion) tax claim.

Samir is seeking an out-of-court settelement with creditors, the company said, adding that it is still paying salaries and social contributions.

Sources from the company told Reuters that the court ruling is expected by early next week. ($1 = 9.6570 Moroccan dirham)

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