Moroccan Court Postpones Appeal Decision on Refiner Samir

Moroccan Court Postpones Appeal Decision on Refiner Samir

A Moroccan court has postponed for a week a decision on an appeal made by the owner of the country’s sole oil refiner Samir against a ruling that placed it into liquidation, its lawyer said, Reuters reported.

Samir, controlled by Corral Petroleum Holdings, was placed into liquidation in March and an independent trustee was appointed to run the company. The production was halted in August due to financial difficulties, as the company said.

However, Corral Holding lodged an appeal against the decision after talks with the government failed to find a solution to the refinery’s crisis. “The ruling on the appeal has been postponed until May 11th,” Corral Holding’s lawyer Abdelkbir Tabih said.

Meanwhile, it was also reported by Morocco World News that Samir will resume production in mid-June. The restart has been encouraged by Commercial Court of Casablanca, as it said restarting production would lead the value of the company to rise and ease its sale in the near future.

The case of Samir is being closely watched by Morocco’s government. In fact, the country would become reliant on energy imports should the refinery shut down for good, just as the North African kingdom is putting its finances on track by tackling huge deficits.

 

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