The ICSID awarded Corral only $150 million of the $2.7 billion it sought in compensation for the closure of the Samir refinery.
Morocco’s Minister of Economy and Finance, Nadia Fettah, stated that the country is considering appealing the ICSID decision. She emphasized Morocco’s significant efforts to support the Samir refinery despite its ongoing financial difficulties, which were primarily attributed to mismanagement by Corral Holding.
The Moroccan government has long viewed the Samir refinery as a strategic asset and has invested heavily in its operations. It is currently exploring options to revive the site.
Minister Fettah reiterated Morocco’s commitment to providing a favorable investment climate while also safeguarding the country’s interests. She emphasized the nation’s focus on developing the energy sector, including renewable and hydrogen energy.
Essentially, Morocco is contesting the ICSID ruling, blaming Corral Holding for the refinery’s financial troubles, and affirming its dedication to the energy sector.
MN/Sf/ac/fss/abj/APA