Samir case : Corral Holding awarded only $150 million of claimed $2.7 billion

The International Centre for Settlement of Investment Disputes (ICSID) dismissed, on Monday, most of Corral Morocco Holding's claims, amounting to $2.7 billion. The tribunal awarded the group only $150 million, less than 6% of the amount initially claimed. Moroccan Economy and Finance Minister Nadia Fettah, speaking to MAP-Washington, emphasized the measures Morocco took to help SAMIR, the oil refinery at the center of the dispute.

She highlighted the significant resources mobilized and the steps taken by public authorities since 2002 to preserve and develop the refinery's activities. Fettah noted that SAMIR's financial situation has never fully recovered under its main shareholder, Corral Morocco Holdings.

Minister Fettah reiterated Morocco's commitment to fulfilling its responsibilities and rights with its partners and international bodies, acting in full respect of international and bilateral agreements. «We are convinced that Morocco has always had a fair position vis-à-vis the Corral group», the Minister underlined, adding that the Kingdom is convinced it has fulfilled all its contractual commitments to the main shareholder of the Mohammedia oil refinery.

She noted that due to the longstanding financial and management problems caused by the practices of the main shareholder, who did not fulfill their contractual obligations, the company's recovery has never been achieved. Morocco, which has always considered the oil refinery a strategic asset, mobilized all the necessary resources for its proper functioning and development, Fettah pointed out.

In this regard, a Ministry of Energy Transition and Sustainable Development official visiting Washington told MAP that a new project is under study to revitalize the SAMIR site in Mohammedia.

Nadia Fettah further stressed that Morocco prides itself on «a secure environment for investors and a business climate that offers undeniable economic opportunities at the crossroads of high-potential markets». She emphasized that the Kingdom «will spare no effort to ensure the development of the energy and petrochemical sector in Morocco, while consolidating its leadership in renewable and future energies such as hydrogen».