Categories
ECONOMY

the shadow of  SAMIR is hovering over Morocco  

-oil price in morocco was soaring since the beginning of Ukrainian war  now the price is about 14 dirhams ,it was about 16 dirhams  during the beginning of world crisis .

-Some put down the high price to the shutdown of the SAMIR refinery the first and the only refinery in morocco .

-This refinery was shut down due to the mismanagement of this company by its owner a Saudi investor (Amoudi) ; SAMIR owes Moroccan state 40 billions Dirhams (four billions dollars ) ,this huge sum  is taxes due to Morocco government from SAMIR(Société anonyme marocaine de l'industrie du raffinage) .

-SAMIR was a state company , the privatisation of this state oil company was achieved in the middle of 1990’s .

-a complete opaque prevatisation ,we heard later it was privatised to some one from Saudi Arabia close to Moroccan religious regime.

-now this affair of SAMIR is under the scrutiny of justice  or what is left of it !!!!

-Moroccan government is trying to find investors to take this ailing company, but I do not think the investors will rush to take this ailing company ,because they must pay the debt of this oil refinery company which amounts to four billion dollars

-morocco oil reserve is now 28 days it is very risky as the world trend is three months.

-this refinery is now out of service  since years that put morocco in dire situation in case of major world oil crisis ,this oil crisis is looming up since the war in Ukraine.

-gasoline had reached  about 16 Dirhams  during the beginning of Ukrainian war ,it was before Ukrainian crisis about 12 Dirhams .

-morocco could face a harsh economic and financial period in case the Ukrainian war drags on  we must be ready for high unemployment rate and poverty  and their string of  consequences like political turmoil, terrorism and social  unrest like criminality prostitution and narcotics consumption  _

-some statistics about oil  ,93.5% of oil reserves by countries:

Venezuela 17.8% (303.806 billion barrels ) ;

Saudi Arabia 17.2%(258.600 billion barrels ) ;

Canada 9.8 %(220.000 billion barrels ) ;

Iran 9.0%(208.600 billion barrels ) ;

Iraq 8.4% (145.019 billion barrels );

Russia 6.2% (80.000 billion barrels ) ;

Kuwait  5.9 %(101.500 billion barrels );

UAE  5.6%  (97.800 billion barrels );

USA 4.0%  (52.637 billion barrels ) ;

Libya  2.8%  (48.363 billion barrels );

Nigeria 2.1% (36.890 billion barrels );

Kazakhstan 1.7% ( );

Qatar  1.5%  ( );

China 1.5% ( ) ;

Others 6.5% ( ).

-world oil consumption by million of barrels per day ,US consumption 19.78 million per day ,EU consumption is 16.94 million barrels a day ,as for the rest  world 97.1  MN BPD.

-USA abroad oil sales are about 5 million barrels;,they are sold outside USA to Italy ,France, Netherlands, China ,so part of USA strategic oil reserves is sold abroad.

-Russia is the largest exporter of gas to Europe, it accounts for 40% of European consumption.