ICSID awards less than 6% of the amount claimed by Corral Holding
Morocco considers all options, including an action for annulment before ICSID
Washington – The International Centre for Settlement of Investment Disputes (ICSID) on Monday dismissed most of Corral Morocco Holding’s claims, amounting to 2.7 billion dollars, by awarding it a compensation of only 150 million dollars, or less than 6% of the amount claimed by the group, Economy and Finance Minister Nadia Fettah told MAP-Washington, underlining that Morocco, which has taken note of this award, is considering all options, including an action for annulment before the ICSID, on SAMIR case.
During the ICSID arbitration proceedings, the Minister stressed, Morocco defended its position by highlighting all the measures taken to help SAMIR, including the significant resources mobilized and the steps taken by the public authorities since 2002, to preserve and develop the activity of the oil refinery, whose financial situation has never been recovered by it
s main shareholder (Corral Morocco Holdings).
Nadia Fettah also noted that “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.”
‘We are convinced that Morocco has always had a fair position vis-à-vis Corral group,’ the Minister underlined, adding that the Kingdom is convinced that it has fulfilled all its contractual commitments to the main shareholder of the Mohammedia oil refinery.
She noted that due to the chronic financial and management difficulties caused by the practices of the main shareholder, who did not fulfil his contractual obligations, the company’s recovery has never been achieved.
Morocco, which has always considered the oil refinery as a strategic asset, mobilized all the necessary resources for its proper functioning and development, she pointed out. In this regard, an official from the Ministry of Energy Transition and Sustainable Development, on a visi
t to Washington, told MAP that a new project is under study to give new life to the SAMIR site in Mohammedia.
Nadia Fettah also stressed that Morocco prides itself on “a secure environment for investors and a business climate that offers undeniable economic opportunities at the crossroads of high-potential markets,” stressing that the Kingdom “will spare no effort to ensure the development of the energy and petrochemical sector in Morocco, while consolidating its leadership in renewable and future energies such as hydrogen.”
Source: Agence Marocaine De Presse