MOROCCO

 

Moroccan Refiner Settles Debts With $300Mn Glencore Loan

 

Moroccan refiner Samir has received a $300mn loan from Swiss-registered energy trader Glencore, which it will use to pay off debts for upgrading and expanding its Mohammedia refinery. The agreement includes the purchase of crude oil from Glencore and supply to the trader of “surplus” products. Part of the loan will be used to pay off MD1.7bn ($207mn) owed to Moroccan banks who helped finance the...