Morocco’s Samir: Rescue Bid

Swiss trader Glencore and US fund manager Carlyle ( see left ) are teaming up to buy Morocco’s shuttered 200,000 b/d Mohammedia refinery, Reuters says. Glencore pressed for the plant’s restart so it can recover $600mn in loans to operator Samir which should have been repaid in oil products. Samir’s complex debts have stalled Rabat’s hopes to raise $2bn from selling the plant. A Moroccan court forced Samir into administration in March 2016 over MD13bn ($1.33bn) in unpaid tax ( MEES, 22 July 2016 ). Samir completed an expansion from 120,000 b/d in 2012, but output peaked at only 167,000 b/d in March 2014 before processing halted in August 2015. (CONTINUED - 105 WORDS)