Morocco’s sole oil refiner Samir said it has obtained a $300 million loan via an agreement with Glencore Energy which includes exporting part of its production to Glencore Energy.
It is the second agreement of its kind, after Samir obtained a 24-month loan of $200 million from Glencore Energy in 2012 with the same conditions.
“Funds related to the deal were received on Feb. 11, 2014 by Samir. The deal will strengthen the company’s finances and improve its rating, which will allow it to get local and international funding with good conditions,” the company said in a statement.
The company will use part of those funds to repay what it still owes from 1.7 billion dirhams ($208 million) in debt obtained from Mo¬roccan banks to renovate its refinery in Mohammedia on the Atlantic coast.
In 2012, the company mandated Natixis and Arab Petroleum Invest¬ments Corp to arrange the deal, which includes exporting part of its production to Glencore Energy dur¬ing the agreement period.
In August 2012, it began com¬mercial use of a new crude distilla¬tion unit with a processing capacity of 80,000 barrels per day (bpd). The expansion brought Samir’s process¬ing capacity to 200,000 bpd.
