Moroccan refiner Samir has received a $300mn loan from Swiss-registered energy trader Glencore, which it will use to pay off debts for upgrading and expanding its Mohammedia refinery. The agreement includes the purchase of crude oil from Glencore and supply to the trader of “surplus” products. Part of the loan will be used to pay off MD1.7bn ($207mn) owed to Moroccan banks who helped finance the refinery upgrade. Samir borrowed MD3.5bn ($398mn) in 2006 for the project, which was expected to cost $605mn (MEES, 16 October 2006). Samir says the loan “helps consolidate the company’s finances… enabling it to access local and international funding.” The loan follows a similar $200mn 2012 deal.

Earlier Samir said that during the second half of 2012 it negotiated with several banks and international oil companies to raise $500mn as part of a short and medium term re-engineering program. The first $200mn was transferred to the company’s accounts on 7 January by Standard Chartered, Dubai Bank and BP. The money will boost cash flow and guarantee the supply of crude oil. (CONTINUED - 269 WORDS)