December 27, 2012 / 4:50 PM / in 5 years

Morocco refiner Samir gets $200 mln loan from Glencore

RABAT, Dec 27 (Reuters) - Morocco’s sole oil refiner Samir has obtained a 24-month loan of $200 million via an agreement with Glencore Energy, the company said in a statement on Thursday.

The company mandated Natixis and Arab Petroleum Investments Corp to arrange the deal, which includes exporting part of its production to Glencore Energy during the agreement period.

“The success of the arrangement is a sign of international investor and banks’ confidence in Samir, and its capacity to provide petroleum conforming to international standards,” the statement added.

Samir started in November to use a $180 million syndicated structured murabaha framework agreement signed in April with the International Islamic Trade Finance Corp.

In August, it began commercial use of a new crude distillation unit with a processing capacity of 80,000 barrels per day. The expansion brought Samir’s total processing capacity to 200,000 bpd. Morocco is a net energy importer.

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