Samir refinery collapse leaves Morocco facing a new energy security equation

Ten years after the shutdown of Morocco’s only oil refinery, the future of the Samir complex remains unresolved. What was once regarded as a cornerstone of the country’s energy infrastructure has become the subject of repeated legal proceedings, unsuccessful takeover attempts and a broader debate over how Morocco should protect itself from disruptions in international energy markets.

The latest episode emerged in 2026, when an investment proposal reportedly valued at around $3.5 billion was submitted for the acquisition of the refinery. The offer, attributed to Emirati fund MJM Investments, attracted considerable attention because of the scale of the proposed transaction and the strategic importance of the Mohammedia facility.

The proposal ultimately failed to move forward after judicial scrutiny raised questions about its financial credibility and the investor’s ability to undertake such a complex industrial operation. The episode added another chapter to a process that has already seen numerous potential buyers attempt to revive the refinery without reaching a definitive solution.

A strategic asset caught in a legal maze

Since the first calls for bids in 2017, several proposals have been examined and rejected. The repeated failures have highlighted the difficulty of finding an investor capable of simultaneously addressing the refinery’s financial liabilities, technical requirements and strategic role in Morocco’s energy system.

The prolonged impasse has also encouraged debate over the possibility of state intervention. Trade unions, including the Democratic Confederation of Labour, have advocated nationalisation as one possible route for resolving the situation. A legislative initiative concerning the transfer of Samir’s assets to the state was even examined by Parliament’s Finance Committee before failing to secure final approval.

The debate reflects a fundamental question: whether the refinery should primarily be considered a distressed industrial asset or an element of national energy infrastructure whose strategic value extends beyond conventional profitability calculations.

From national energy project to private ownership

The history of Samir goes back to the late 1950s, when the refinery was established with the participation of the Moroccan state and Italian investors. Its creation was closely associated with the objective of developing domestic refining capacity and reducing exposure to external energy markets.

That model changed during Morocco’s economic liberalisation drive. In the context of structural reforms and the restructuring of public-sector assets, the refinery was transferred to private ownership around the turn of the century.

Saudi businessman Mohammed al-Amoudi subsequently became the principal owner after acquiring the company for roughly four billion dirhams. At the time, the transaction was accompanied by expectations of substantial investment and industrial expansion.

For a period, the refinery appeared capable of strengthening its position. New facilities were introduced and its financial performance improved. But underlying structural weaknesses remained, while operational difficulties and the impact of a major fire in Mohammedia contributed to increasing pressure on the company.

Debt and shutdown

The decisive break came in the middle of the 2010s. Burdened by liabilities estimated at several billion euros, Samir ceased operations in 2015 after failing to resolve its financial obligations.

The shutdown transformed what had been an industrial dispute into a much wider economic and legal affair. Creditors, banks and other stakeholders became involved, while subsequent litigation and international arbitration added further layers of complexity.

The refinery’s collapse also had consequences extending well beyond the company itself. With domestic refining no longer available, Morocco became dependent on imported refined petroleum products.

That dependence remains visible today. In April 2026, Morocco's energy authorities said the country had enough diesel stocks for about 51 days and petrol for around 55 days, while the government was seeking to diversify supply sources amid severe disruptions in international energy markets.

A different approach to energy security

The disappearance of domestic refining capacity has forced Moroccan policymakers to place greater emphasis on another component of energy security: storage.

Rather than relying on the rapid revival of Samir, authorities have increasingly focused on expanding strategic reserves and strengthening logistical infrastructure capable of absorbing international supply shocks. This approach has become particularly significant as geopolitical tensions in major oil-producing regions expose import-dependent economies to sudden changes in prices and availability.

The shift does not erase the industrial consequences of Samir’s shutdown. A refinery with a reported processing capacity of about 10 million tonnes annually and substantial storage infrastructure represented a major industrial asset. Its prolonged inactivity has therefore remained both an economic issue and a strategic question.

The unresolved question of Mohammedia

The Samir case now sits at the intersection of several long-term challenges facing Morocco: industrial competitiveness, energy independence, financial risk and the management of strategic infrastructure.

The repeated failure to secure a credible buyer suggests that reopening the refinery is not simply a matter of finding sufficient capital. Any future project would have to reconcile the facility’s industrial condition, its historical liabilities, investment requirements and the changing structure of Morocco’s energy market.

Meanwhile, the country has continued building a supply model based largely on imported petroleum products and stronger storage capacity. That strategy can provide a buffer against short-term disruptions, but it also leaves Morocco exposed to international prices and geopolitical developments.

A decade after Samir stopped operating, the refinery therefore remains more than a dormant industrial complex in Mohammedia. Its unresolved future illustrates how the consequences of a major industrial failure can reshape national energy policy long after the machinery itself has stopped running.