Two big companies to purchase Samir oil refinery

The Anglo-Swiss multinational trading and mining company, Glencore along with the American private equity investor Carlyle will buy Morocco’s oil refinery, Reuters reports. The two huge firms hope to «recoup about $600 million (£465.2 million) in loans they issued to the plant before it went bankrupt», industry sources told the same source.

The oil refinery that stopped operating in August 2015 and located in Mohammedia «If the deal goes through, would become Glencore's (GLEN.L) first oil refinery and allow the plant to restart production, a crucial condition for repaying debts to a wide group of foreign creditors», states the British news agency.

Samir, which was owned by the Corral Petroleum Holdings group of Saudi billionaire Mohammed al-Amoudi, was forced to stop production due to a court’s rule after being unable to pay depts.