The International Centre for Settlement of Investment Disputes (ICSID) rejected most of the claims made by Corral Morocco Holding, which totaled $2.7 billion, granting the company only $150 million—less than 6% of the amount requested, according to Nadia Fettah, Morocco’s Minister of Economy and Finance. Morocco is considering all options, including an appeal for annulment of the ICSID decision, in relation to the Samir refinery case.
During the ICSID proceedings, Minister Fettah emphasized that Morocco had highlighted all efforts and substantial resources it had allocated to support Samir since 2002. Despite these efforts, the financial situation of the refinery remained unresolved due to the practices of its primary shareholder, Corral Morocco Holdings.
Fettah also affirmed that Morocco continues to uphold its responsibilities and rights with respect to its partners and international bodies, adhering strictly to international and bilateral agreements. She reiterated Morocco’s firm stance that it has always acted justly towards Corral Group and honored all its contractual obligations concerning the Mohammedia refinery’s main shareholder.
She pointed out that the chronic financial and management difficulties were primarily due to the main shareholder’s failure to meet contractual obligations, which impeded any potential recovery of the company.
Morocco has always considered the refinery a strategic asset and has invested all necessary resources to ensure its proper operation and development. A senior official from the Ministry of Energy Transition and Sustainable Development, currently in Washington, revealed that a new project is being considered to revitalize the Samir site in Mohammedia.
Minister Fettah highlighted that Morocco offers a secure environment for investors and an attractive business climate with undeniable economic opportunities at the crossroads of high-potential markets. She emphasized that Morocco is committed to developing the energy and petrochemical sectors while consolidating its leadership in renewable and future energy sources, such as hydrogen.
