Aug 19 2006 |
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IDB lends SAMIR USD 70 million
(MAP) - The Islamic Development Bank (IDB) has lent the Moroccan refinery SAMIR a Fund Line of Credit of USD 70 million to import crude oil and by-products, under a convention signed on Wednesday in Mohammedia, 60 km south of Rabat.A press release of the IDB regional bureau in Rabat said the convention was signed by the bank's Director of Finance and Trade Development Department, Hani Salem Sanbal, and
SAMIR
Director General, Jamal Baamer.
The IDB already lent the Mohammedia-based refinery USD 100 million this year.
The refinery overall oil operations contributed by the IDB since 1978 stand at about USD 1.4 billion.
In February 2005, The IDB granted a loan of USD 59.94 millions to
SAMIR
to fund its rehabilitation and renovation programme. The loan was chiefly to reinforce security and environment protection via the construction of a new station for effluent treatment, a power station for electricity distribution and a unit for water demineralisation.
It was also destined for equipping production units with control and detection systems.
SAMIR
is one of the largest companies operating in Morocco and owns the only oil refinery facilities in the country supplying the domestic market. Formerly a state-run company,
SAMIR
was privatised in 1997, at which time a major shareholding was taken by Corral Holding, which also has refining interests in Sweden.
SAMIR
had operated a topping refinery since the first crude unit was installed in 1959. Since then, two more crude units, a vacuum unit and a lubes train have been installed to bring the refinery up to its current 6.25 million tons per annum (mtpa) crude capacity.
The
SAMIR
renovation is to increase capacity to 8.25 mtpa and install conversion units to deliver a higher-value product slate, in line with Morocco's changing market demand.
The IDB total funding for various projects in agriculture, infrastructure, electricity, industry and trade in Morocco is around USD 2,5 billion.
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