VOL. XLII

No. 27

5-July-1999

MOROCCO

Morocco痴 Samir And SCP Refineries Merge

An extraordinary general assembly meeting of Samir refineryshareholders agreed on 25 June to incorporate Societe Cherifienne de Petroles(SCP) through an exchange of shares. The two Moroccan refineries agreed tomerge last year after the Swedish-based, Saudi-owned Corral Petroleum HoldingAB purchased the refineries in 1997 for $422mn (MEES, 12 May 1997 and 12October 1998). Under the terms of the amalgamation, nine Samir...