ICSID rejects most Corral Holding’s claims in Samir refinery case

the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank rejected most of the claims of Corral Morocco Holding, owned by Saudi billionaire Al Amoudi in a case filed against the Moroccan government over the shut-down of Samir refinery.

The arbitration institution ordered Morocco to pay just 6% of the total 2.7 billion dollars in compensations sought by Corral Morocco holding.

A Moroccan court has put the SAMIR refinery into liquidation over ill-management by majority stake holder, which left Morocco’s only refinery mired in debt and unpaid taxes.

During the ICSID arbitration proceedings, Morocco defended its position by highlighting all the measures taken to help the SAMIR, including the significant resources mobilized and the steps taken by public authorities since 2002 to preserve and develop the activity of the refinery, whose financial situation has been left in ruins by its majority stake holder (Corral holding), finance minister Nadia Fattah Alaoui told MAP.

“The Kingdom nevertheless continues to fulfill its responsibilities and rights, vis-à-vis its partners and international bodies, in full respect of international and bilateral agreements,” she said.

“We are convinced that Morocco has always had a fair position vis-à-vis Corral group,” she said.

Morocco “will spare no effort to ensure the development of the energy and petrochemical sector in the country, while consolidating its leadership in renewable and future energies such as hydrogen,” she said.