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Join on Telegram Mohammedia- Moroccan Refining Industry Company “SAMIR” announced on Thursday the signing, with several international banks and oil companies, of a $ 200 million funding contract, covering a period of two years with favorable conditions.
The contract was signed with Standard Chartered, Dubai Bank, with the support of BP Oil International London, said SAMIR in a statement, adding that the amount of the transaction was transferred to the accounts of the company on January 7.
The statement said that under the short and medium term re-engineering of SAMIR’s finances, the company began, in the second half of 2013, negotiations with several banks and international oil companies to raise 500 million dollars, which will be implemented over several installments.
The move aims to improve the cash flow of the company to ensure the supply of raw materials, accelerate repayments of domestic borrowing, and also sign export contracts with international oil companies in a context marked by tough competition.
