The Moroccan branch of the Samir Company, a Saudi-based Coral Oil Group, recently announced that five international companies have submitted initial bids to set up a new oil refinery project in the Mahmadeya area of northern Casablanca, to be operated by Samir, reported Al-Hayat.
According to Coral Oil Group representative in Morocco, Jamal Baamar, Samir had previously allocated $700 million to building a new oil refinery and to upgrade its already existing production facilities. Samir forecasts annual profits of $60 million for 2002 compared with $38 million profits last year.
Samir will invest up to $40 million in oil exploration over the next several years. The investment is part of an overall package of 9.5 billion dirhams ($812 million) allocated in a 15-year plan to expand and diversify its activities in Morocco.
Five firms have been pre-selected to compete for the project: ABB-Lummus Global, Japan’s JGC, Italy’s Snam Pojetti, Technip-Fluor Daniel in partnership with Bouygues Off Shore.
Morocco, which has no oil of its own, has granted a dozen foreign firms such as Enterprise Oil and TotalFinaElf licenses for oil exploration in onshore and offshore areas, including the Western Sahara waters. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
