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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq withdraws from buying Moroccan refinery

    Rocky
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    • Post n°1

    Iraq withdraws from buying Moroccan refinery Empty Iraq withdraws from buying Moroccan refinery

    Post by Rocky Tue 24 Apr 2018, 3:51 am

     Iraq withdraws from buying Moroccan refinery

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    Economy News _ Baghdad
    BAGHDAD (Reuters) - Iraq's commercial court has given Morocco another three months to sell the Samar group, which owns Morocco's only oil refinery, sources familiar with the dispute said Tuesday.
    Al-Arabi newspaper quoted the source as saying that Casablanca's commercial court had granted another three months to sell the Samar group, which owns the only oil refinery in Morocco after Iraq declined to buy it. The judicial guard for further liquidation. "
    She added that BP Energy and the European company maintain their desire to continue to offer the offer despite the withdrawal of Iraq, noting that if the two companies in the presentation of the offer, which withdrew the Iraqis, it will force them to search for a new partner for them.
    The newspaper quoted "official Iraqi sources", in statements to local media, the Iraqi government's withdrawal from the race to buy the only oil refinery in Morocco, where justified by the fact that the technical report was not encouraging.
    Those sources, whose name was not mentioned, considered the refinery outdated and affected by the suspension since August 2015.
    The judge is supposed to look for a buyer for the Samar group, especially after the Iraqis have declined to buy it, and the contents of another offer from the UAE's Al Otaiba Group are not disclosed.
    The Otaiba Group, which has the financial capacity to purchase Samir, aims to export refined oil from Morocco to the international market, especially as importers meet all the needs of the local Moroccan market.
    To sell Samar, which has $ 2.6 billion worth of official experts, Morocco needs to restart the refinery and keep jobs for 825 people, excluding indirect opportunities.
    Samir is in judicial liquidation after its debts reached about $ 4.3 billion. Coral Petroleum, owned by Saudi billionaire Mohammed Al-Hussein Al-Amoudi, bought the group under privatization for $ 450 million.


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