Casablanca court rejects $3.5 billion Emirati bid for SAMIR refinery
The Casablanca Commercial Court has rejected a $3.5 billion bid from Emirati firm MJM Investments to acquire Morocco’s sole oil refinery, SAMIR, which has been in judicial liquidation since March 2016. The decision marks another setback in efforts to revive the refinery, which halted operations in August 2015 amid debts exceeding €3.7 billion.
The rejected proposal from MJM Investments was among the highest received since the start of the competitive bidding process and included a condition requiring full access to the industrial site for a comprehensive technical assessment. The investor sought to evaluate the production units and estimate the investments necessary to bring the facility back into operation in compliance with current industrial and environmental standards.
Procedural hurdles and legal requirements
The case has faced several procedural delays. A scheduled hearing on February 10 was postponed, followed by a reconciliation session on February 18 and another delay on February 19. The bidders were instructed to provide all required documents translated into Arabic, a legal requirement that was not met within the stipulated timeframe.
Ultimately, the Casablanca Commercial Court concluded that the offer did not sufficiently meet the conditions necessary for a judicial sale. In the absence of a firm and unconditional commitment, the bid could not be accepted.
Economic impact and future prospects
Since its liquidation, multiple offers to acquire SAMIR have been examined without success. Prior to its closure, the refinery had a daily production capacity of 200,000 barrels, supplying nearly 65% of Morocco’s national fuel demand. The court’s ruling leaves the future of the refinery uncertain, continuing a long-standing challenge for Moroccan authorities and potential investors seeking to restore the country’s energy infrastructure.
-
16:06
-
15:51
-
14:55
-
14:51
-
14:29
-
14:20
-
14:15
-
14:03
-
13:55
-
13:51
-
13:35
-
13:15
-
13:10
-
13:06
-
13:00
-
13:00
-
12:54
-
12:51
-
12:43
-
12:42
-
12:28
-
12:25
-
12:12
-
12:10
-
12:00
-
11:42
-
11:35
-
11:25
-
11:25
-
11:11
-
10:47
-
10:41
-
10:32
-
10:15
-
10:00
-
09:42
-
09:25
-
09:10
-
08:47
-
08:32
-
08:15
-
08:00
