Jun 27 2005 |
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African Development Bank Approves $85 Million Loan To Societe Marocaine de L'Industrie du Raffinage
Beirut (APD) - African Development Bank (ADB) has approved a $85 million loan to Morocco-based Societe Marocaine de l'Industrie du Raffinage (SAMIR) in order to fund part of the company's expansion and renovation of refineries in the Mohammedia port, north of Casablanca, the London-based daily Al-Hayat reported Sunday.A statement by ADB said that the loan will allow SAMIR refinery to apply international standards with regard to environmental protection through establishing a new processing unit to reduce the amount of gas pollution by vehicles. SAMIR is the main provider of fuel for cars and produces 70% of Morocco's local fuel oil needs.
SAMIR is expected to spend about $700 million in the next four years to build four units of treatment and refinement, a move that would make the company one of the most modern refineries in the region.
Crude oil prices in Morocco today are approaching those of the European Union and are reaching more than a dollar per liter of benzene, a price considered relatively high when compared to prices in the rest of the Arab world. Morocco consumes about 11 million tons of imported energy per year, mainly from GCC and Iran. The paper said that energy imports are set to increase by half to reach a total cost of $3 billion. [FC]
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