The court-appointed manager of Morocco’s only oil refiner, Samir, has received a $3b offer for the business from a foreign conglomerate, Reuters reported. Mohamed El Krimi, who is in charge of the company’s liquidation, would not reveal the identity of the buyer.
This came as the company was expected to attend a hearing to hear what the judge commissioner would rule on the minimum sale prize. However, that hearing has been postponed to early January, according to Morocco World News.
The 200,000b/d refinery was shut down in 2015 due to financial difficulties. A court ruling then placed it in liquidation and named an independent trustee to run it. El Krimi added that restarting production will be a prerequisite for investors interested in buying the company. Yet, attempts to do so before seeking a buyer have been frustrated so far by difficulties in finding a supply of crude oil.
Late December, the court gave El Krimi another three months to finish the liquidation process and seek buyers for the company. He has been working to evaluate the company’s assets and debt since 2015, when a judge ordered its liquidation. Furthermore Samir Refinery, in which Saudi billionaire Mohammed al-Amoudi’s Corral Holdings had a 67.26% stake, has been battling creditors ranging from oil traders to banks. The Moroccan government says Samir owes about $1.28b in taxes and its total debt is hovering around $4.33b.