Morocco has decided to appeal a decision by the International Centre for Settlement of Investment Disputes (ICSID) to award $150 million in compensation to Corral Petroleum.
The dispute involves Morocco and Corral Petroleum, the former majority shareholder of SAMIR, owned by Mohammed Al Amoudi.
Although the initial ruling was not entirely in favor of Corral Petroleum—most of its claims were rejected—Morocco aims to overturn the decision.
Read also: SAMIR: the rise and fall of Morocco’s energy independence dream
On September 3, Morocco’s defense filed an appeal for rectification with the ICSID Secretary-General, who also received a similar request from Corral Petroleum on the same day.
Both parties have expressed dissatisfaction with the ruling issued on July 15.
Minister of Economy and Finance Nadia Fettah Alaoui had previously indicated that the government would appeal the decision, a move in line with ICSID statutes.
Corral Petroleum had initially sought 14 billion dirhams (approximately $1.4 billion) in compensation but received a significantly lower amount.
Morocco contends that it should not be held responsible for SAMIR’s bankruptcy, attributing the refinery’s downfall to the majority shareholder’s failure to inject promised capital to save the company.
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