Morocco Contests ICSID Ruling Over Samir Refinery Closure
Key Ideas
  • The ICSID awarded Corral only $150 million of the $2.7 billion sought for the Samir refinery closure.
  • Morocco's Minister of Economy and Finance is considering appealing the ICSID decision, attributing Samir's financial troubles to Corral Holding's mismanagement.
  • Morocco views the Samir refinery as strategic, investing heavily in its operations and looking into options to revive the site.
  • The Moroccan government emphasizes its commitment to the energy sector, including renewable and hydrogen energy, while ensuring a favorable investment climate.
Following the ICSID's decision to award Corral Holding $150 million instead of the $2.7 billion sought for the closure of the Samir refinery, Morocco's Minister of Economy and Finance, Nadia Fettah, expressed the country's intention to potentially appeal the ruling. Fettah cited Morocco's extensive support for the Samir refinery despite its financial challenges, mostly stemming from mismanagement by Corral Holding. The Samir refinery has been crucial to Morocco, leading the government to heavily invest in its operations and explore ways to revive the facility. Minister Fettah reaffirmed Morocco's dedication to fostering a conducive investment environment while safeguarding national interests. Additionally, she highlighted the nation's strategic focus on advancing the energy sector, particularly emphasizing the development of renewable and hydrogen energy. Essentially, Morocco is challenging the ICSID's verdict, holding Corral Holding accountable for the refinery's financial woes, and reiterating its commitment to enhancing the energy industry.
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