The Alliance of the Left Federation’s (FGD) political bureau has called for the immediate restart of Morocco’s sole oil refining SAMIR, to enhance the north African country’s energy sovereignty.
The request follows recent legal developments requiring Morocco to pay $150 million to the Coral Morocco Holding, as mandated by the International Center for Settlement of Investment Disputes (ICSID).
The political bureau’s statement emphasizes the extensive economic and social losses suffered by Morocco, particularly impacting SAMIR’s employees.
The statement criticizes the previous governments for the accumulation of losses, which commenced with the privatization of the refinery in 1997. The bureau attributes the current issues to mismanagement and an ineffective defense against Coral Group’s claims, which has resulted in further financial losses.
It demands that the relevant authorities recover the damages incurred in the SAMIR case and hold those responsible for the refinery’s financial difficulties and the misuse of public resources accountable.
The Bureau further requires that the negative effects of the privatization of the oil refining industry be addressed to guarantee Morocco’s energy autonomy and maintain the advantages of the oil refining industry.
The statement emphasizes the need for a swift resumption of oil refining operations with upgraded equipment and machinery to ensure environmental and health standards and guarantee energy autonomy.
“The potential strategies for reviving the refinery include selling the company to the state to clear debts or issuing shares to public and government institutions,” FGD said.