Rabat - Oil refiner La Samir is said to have obtained $319 million of loans from Banque Centrale Populaire (BCP), one of Morocco's biggest lenders.
Rabat – Oil refiner La Samir is said to have obtained $319 million of loans from Banque Centrale Populaire (BCP), one of Morocco’s biggest lenders.
According to news agency Reuters, La Samir announced on Monday it had obtained 3.1 billion of loans dirham via an agreement with Banque Centrale Populaire (BCP).
The agreement with BCP includes a 1.2 billion dirham medium-term loan facility, 1 billion of opening credit lines and 800 million dirhams of banking facilities, the statement from Samir said.
Another 100 million dirhams were granted to Samir’s distribution subsidiary SDCC (Société de Distrubution de Carburants et Combustibles), Reuters added.
“It is the second step in the company’s plan to redress its finances,” Samir said in the statement.
[La Samir] has already been granted $600 million by the International Islamic Trade Finance Corporation (ITFC), an Islamic Development Bank Group unit, and Canada-based energy company Vermillion Energy.”
The $600 million will be used to finance crude oil and its derivatives purchases from February 2015. Reuters said that Samir and BCP declined to give more details on what the guarantees for the loans from BCP, ITFC and Vermillion would be.
The news agency added Samir posted a record net loss of 3.42 billion Moroccan dirhams in 2014, mainly due to inventory revaluations after oil prices fell.