Rabat - About twenty investors showed interests in buying the SAMIR refinery, announced the syndic Mohamed El Krimi this Monday February 20.
Rabat – About twenty investors showed interests in buying the SAMIR refinery, announced the syndic Mohamed El Krimi this Monday February 20.
18 of the 20 potential buyers “are ready,” according to El Krimi, saying that the investors, all of whom are foreigners, had enough time to study the file and could send their teams to the field to examine the state of the refinery.
The liquidator of the SAMIR refinery launched today the consultations on the specifications at Casablanca Court of Appeal of Commerce. This document should be collected by the potential buyers of the Mohammedia-based company. Investors have 30 days, starting February 8, to come forward with their proposals which must include guarantees and a five-year business plan.
El Krimi noted that the production apparatus is in good condition, according to studies carried out by independent insurers. The restarting of the refinery would take about 4 to 6 weeks, and specification presented contains all the strategic and relevant information for the sale of SAMIR.
At the press conference given by the syndic 10 days ago to present the procedure for the judicial liquidation of the refiner, only the summary of this 135-page document intended for the candidates for redemption was disclosed, raising many questions about its content, such as the actual level of inventories, the company’s balance sheet, financial data, and litigation.
The 200,000-barrel-a-day refinery was shut down in 2015 due to financial difficulties, and a court placed the company under administration. Court-appointed experts value the company at MAD 21.6 billion.
