Samir case: ICSID rejects most of Corral Holding’s claims

The Worldwide Centre for Settlement of Funding Disputes (ICSID) rejected, on Monday, a lot of the claims of the Corral Morocco Holding group, estimated at 2.7 billion {dollars}, granting it solely compensation of 150 million {dollars}, or lower than 6% of the quantity that the stated group had claimed, declared, to MAP-Washington, the Minister of Financial system and Finance, Mrs. Nadia Fettah, specifying that Morocco, which has taken be aware of this determination, is learning all potentialities together with the attraction for annulment earlier than the ICSID, within the context of the Samir case.

Throughout this course of earlier than the ICSID, the Minister harassed, Morocco defended its place by emphasizing all of the means it carried out for the good thing about Samir, and the numerous sources it mobilized in addition to the steps taken by the general public authorities since 2002, to protect and develop the refinery’s exercise, whose monetary state of affairs has by no means been capable of be redressed by its reference shareholder (Corral Morocco Holdings).

Ms. Nadia Fettah additional specified that “the Kingdom however continues to imagine its obligations and rights, vis-à-vis its companions and worldwide our bodies, in full respect of worldwide and bilateral conventions.”

“We stay satisfied that Morocco has at all times had a good place in the direction of the Corral group,” noticed the minister, noting that the Kingdom is satisfied of getting honored all of its contractual commitments to the primary shareholder of the Mohammedia refinery.

Morocco, which has at all times thought of the refinery as a strategic asset, has mobilized all of the sources essential for its correct functioning and growth, she stated. On this regard, an official from the Ministry of Vitality Transition and Sustainable Improvement, visiting Washington, advised MAP {that a} new mission is into account to provide new life to the Samir website in Mohammadia.

Ms. Nadia Fettah additionally recalled that Morocco boasts “a safe atmosphere for traders and a enterprise local weather that provides them simple financial alternatives on the crossroads of high-potential markets”, stressing that the Kingdom “will spare no effort to make sure the event of the power and petrochemical sector in Morocco whereas consolidating its management in renewable and future energies reminiscent of hydrogen”.

LNT with Map