Oct 04 2005 |
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Morocco's SAMIR Expects Investments to Reach $700 Million
Boost Output in Next Three YearsCairo (APD) - Morocco's sole oil refiner Société Marocaine de l'Industrie du Raffinage (SAMIR) said it expects new investments to exceed $700 million in the next three years, the pan Arab daily, al-Hayat, reported Saturday.
In a new project, SAMIR announced that it plans to construct a $100 million, 250 km gas pipeline linking the Moroccan cities of Sidi Kassem and Wazan. The gas pipeline would deliver gas supplies from Algeria for generating thermal electricity in a new power station to be built in Morocco at the cost of $60 million.
SAMIR previously said it would borrow $600 million from international markets to be used in the modernization and expansion of its Mohammedia refinery. SAMIR requested from Barclays Bank, BNP Paribas and other Moroccan banks to arrange for the loan before the end of the year.
With its investments over the coming years, SAMIR aims to boost its output to 12 million tons by 2008, said al-Hayat. The company's announcement did not specify the margin of its expected capacity increase.
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
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