Young Journalists Club | Latest news of Iran and world

News ID: 41043
Publish Date: 15:40 - 23 June 2019
TEHRAN, Jun 23 - Three years after it was liquidated for racking up billions of euros worth of debt, Morocco's sole oil refinery and one-time economic flagship is struggling to attract a buyer and survive.

Morocco's sole oil refinery battles for survivalTEHRAN, Young Journalists Club (YJC) - A self-declared "national front" -- comprising employees, economists and union leaders -- is leading the charge to salvage refining company SAMIR, while a trade court desperately seeks a new owner.

They face a tough battle, including a court deadline of July 18 to seal the refinery's fate.

The firm was liquidated in 2016 after it was unable to honour some four billion euros ($4.5 billion at current prices) in borrowing.

The refinery was set up in 1959 by the Moroccan government and sold in 1997 to the Corral group, a Saudi-Swedish enterprise that holds a majority stake of more than 67 percent.

Work at the refinery, which had a capacity of more than 150,000 barrels a day, had already wound down a year before it was dissolved.

But nearly 800 employees remain on the payroll, albeit on slashed salaries scratched together from company coffers and creditors.

The workers' fate now hangs in the balance, according to staff representative Houcine El Yamani, who has spearheaded efforts by the "national front" to salvage the facility.

Source: AFP

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