The International Center for Settlement of Investment Disputes issued a decision requiring Morocco to pay compensation worth only $150 million to Coral Holdings, instead of the $2.7 billion the company was demanding.

This decision is considered a major victory for Morocco in the La SAMIR refinery case, as it significantly reduces the bill for the international settlement in this case.

Morocco defended its position during the arbitration. The Minister of Economy and Finance, Nadia Fattah, confirmed, highlighting all the means provided by the state to support the La SAMIR refinery, including financial resources and actions taken by the authorities since 2002.

Financial difficulties and poor management by the main shareholder, Coral Morocco Holding Company, led to the impossibility of the evaluation process, she said.

Morocco continues to bear its responsibilities and exercise its rights while adhering to international and bilateral agreements, the minister explained.

The Kingdom provided all the necessary resources to ensure the operation and development of the La SAMIR refinery, she highlighted, considering it an asset of strategic value.

Last year, the Kingdom received 15 offers to acquire the refinery, as Morocco enjoys a “reassuring environment for investors” and a “business climate that provides undeniable economic opportunities.”

The refinery has a production capacity of 10 million tons annually, which is enough to cover 67% of Morocco’s needs for petroleum derivatives.

The “La SAMIR” Refinery stopped operating in 2015 due to the accumulation of debts, and this issue is complicated due to the accumulation of problems and debts over the past 20 years.