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Court Liquidates Moroccan Oil Refiner Samir

Source: Reuters 3/21/2016, Location: Africa

A Moroccan court has put the country's only oil refiner Samir under liquidation and named an independent trustee, a source from the company and local media said.

Samir, controlled by Corral Petroleum Holdings, announced last year 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 Moroccan government has said Samir's total debt hovers around 44 billion dirhams ($4.55 billion).

Samir has 10 days to lodge an appeal against the decision, business news website Medias24 reported. The company said there was no immediate comment.



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