Casablanca - Morocco's oil refinery "Samir" announced it will increase its capital after it halted production at 200,000 barrels per day due to financial difficulties.
Casablanca – Morocco’s oil refinery “Samir” announced it will increase its capital after it halted production at 200,000 barrels per day due to financial difficulties.
The refinery, based in Mohammedia (40km north of Casablanca), which holds the monopoly of oil products refining in Morocco, denied media reports that it halted its production, stressing that it will continue to supply the national market with oil products.
According to the release, “shareholders and executives are resolved to continue efforts to reinforce the refining industry in Morocco, a national strategic pole for the country”.
Privatized twenty years ago, the company, listed on the Casablanca stock exchange, is facing a shortage of crude oil, following a provisional halt in production plants caused by delays in supply.
It will continue to supply refined oil products according to the available stocks until production totally resumes around mid-August, the company had said on Wednesday.
Following this announcement, Samir’s shares lost 10pc at the stock exchange and were suspended the day after upon the stock exchange regulating authority’s request.
Meanwhile, the ministry of energy, mining, water and environment said all measures have been taken to secure the national market oil supply.