Photo by Alex Belogub on Unsplash
The International Centre for Investment Dispute Settlement (ICDI) rejected on Monday, most of the Corral Morocco Holding groups, estimated up to $ 2.7 billion, by only granting compensation for compensation 150 million dollars, less than 6% of the amount that the group has claimed, according to the Minister of Economy and Finance, Ms. Nadia Fettah. She said that Morocco took note of this decision, and is currently studying all the options for reaction including the cancellation of the ICSID, as part of the Samir case.
During the process before the ICSI, the minister stressed that Morocco defended its position by emphasising all the means it implemented for the benefit of Samir, and the important resources it mobilised as well as the steps taken by the public authorities since 2002, to preserve and develop the activity of the refinery, whose financial situation has never been rectified by its reference shareholder (Corral Morocco Holdings).
Nadia Fettah also said that “the kingdom nevertheless continues to assume its responsibilities and rights, vis-à-vis its partners and international bodies, in total respect for international and bilateral conventions”.
“We are sure that Morocco has always had a fair position vis-à-vis the Corral group,” said the minister, noting that the kingdom is convinced that they have honored all of its contractual commitments to of the main shareholder of the Mohammedia refinery.
She noted that in the face of financial difficulties and chronic management due to the practices of the principal shareholder, which has not honoured its contractual obligations, a recovery of the company could never be materialised.
Morocco, which has always considered refinery as a strategic asset, has mobilised all the resources necessary for its proper functioning and development, she said. As such, an official of the Ministry of Energy Transition and Sustainable Development, visiting Washington, stated that a new project is being studied to give new life to the Samir site in Mohammadia.
Ms. Nadia Fettah recalled, moreover, that Morocco prevails from a secure environment for investors and a business climate which offers them undeniable economic opportunities at the crossroads of high potential markets”, stressing that the kingdom” will spare no effort to ensure the development of the energy and petrochemical sector in Morocco while consolidating its leadership on renewable energies and the future as hydrogen ”.
