What future for the SAMIR refinery?

The Samir case seems to be heading towards its conclusion, indicates the magazine Challengerecalling that after a long procedure, the International Center for Settlement of Investment Disputes (ICSID), an organization attached to the World Bank, delivered its verdict last July.

The ICSID ordered Morocco to pay a fine of $150 million to the Swedish group Corral Petroleum, owned by Saudi-Ethiopian billionaire Mohammed Al Amoudi.

This decision led to an appeal by the Moroccan State, registered on September 3, “while awaiting the institution’s decision, the idea of ​​a new future for Samir remains alive», we write.

In the mysteries of government, the wait-and-see attitude seems to be easing.

The government supports the revival of this facility, except that, according to the National Front for the Safeguarding of Samir (FNSS), restarting refining activity would require $220 million and could be operational in eight months.

And the company has accumulated debts of nearly 4.5 billion euros, notably to customs.

Samir supplied the national market with 64% of refined product needs, and held more than 50% of the country’s storage capacity.

Faced with the challenges of energy sovereignty and ecological transition, “Discussions continue with potential investors, who have submitted offers ranging from $1.8 billion to $2.8 billion. The refinery’s assets are estimated at 21 billion dirhams, but the revival of Samir still depends on complex political, economic and legal decisions.», écrit Challenge.

The Samir remains a symbol, affirms the magazine, “at the crossroads between energy dependence and strategic ambition, its reopening poses an essential question for the future of the Moroccan energy sector».

If the Kingdom used the Samir facilities to refine at least part of its oil, it could, for example, have saved 38 billion dirhams in 2022, or almost a quarter of the total energy bill, paid entirely in foreign currency, indicates Challenge.