Rabat - Morocco's refiner of petroleum products La Samir is reportedly suspending production at its 200,000 barrel per day (bpd) Mohammedia refinery due to financial constraints.
Rabat – Morocco’s refiner of petroleum products La Samir is reportedly suspending production at its 200,000 barrel per day (bpd) Mohammedia refinery due to financial constraints.
According to Reuters, production at the refinery located in the port city of Mohammedia will stop after processing two cargos of 2 million barrels of crude oil which are expected to arrive between Aug. 15 and 18.
However, the company said in a statement that the supply of oil products is scheduled to continue until available stocks run out.
La Samir’s (Societe Anonyme Marocaine de l’Industrie du Raffinage) decision to stop production will see the kingdom depending on imports to meet its oil demands.
Morocco’s demand of oil currently stands at 300,000 barrel per day, making it the fifth largest oil consumer on the continent, according to the US Energy Information Administration data.
According to a statement by La Samir, the company had secured $600 million from international institutions including US Carlyle Group and the International Islamic Trade Finance Corporation.
The company also integrated new crude distillation unit at the refinery in 2012.
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