Losses of SOCAR Trading, which is the trading house of SOCAR, from shutdown of Samir oil refinery in Mohammediya city of Morocco will total $9 million, reads the report of SOCAR Trading.
Reuters reported that the oil refinery’s debts to Morocco’s tax agencies exceeded $1.3 billion and total amount of debt reached $4.5 billion and for this reason the court decided to shut down the plant.
“Considering partial compensation of resources at the expense of insurance, SOCAR Trading estimated the net loss at $9 million,” reads the report.
Samir oil refinery, part of products of which has been sold by SOCAR Trading, is controlled by Corral Holdings company, which holds 62.26% shares. SOCAR Trading has expanded its presence in Africa in 2015 by buying 20% share in the Benin company Octogone Stockage de Produits Petroliers, which specializes in storage of products.
SOCAR Trading also plans to expand its presence in Angola through STL Oil & Gas SA company, in which it controls 49% shares and which is already present at the markets in Nigeria and Egypt.—0—
Economics
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