Glencore, Carlyle Team Up To Rescue Bankrupt Moroccan Refinery

5/18/17

Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said.

Two sources close to the process said the Moroccan government wanted at least $2 billion for the plant at Mohammedia, on the Atlantic coast near Casablanca. However, no decision on any sale is imminent, due partly to its complex debts.

The 200,0000 barrel per day refinery fell foul of the global oil price crash. It stopped operating in August 2015 after the government froze the bank accounts of its loss-making operator, Samir, seeking 13 billion dirham ($1.35 billion) in unpaid taxes.

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