Horizon clears in Carlyle-Rabat dispute over Samir as ICSID arbitration suspended
On 3 February, ICSID suspended arbitration proceedings between US investment fund Carlyle and Morocco at the request of both parties.
Carlyle has tried unsuccessfully for years to convince US courts that it was robbed by Morrocan refinery operator Samir and should therefore be compensated by its insurance. But an appeals court has just reversed the ruling against it, reviving the hopes of the beleaguered US fund.
Angola's Cabinda mega refinery project, which was hatched as a way of ending the embarrassing petrol shortages which regularly paralyse Africa's second biggest oil producer, has attracted all the major international operators, thanks to the financial and oil supply guarantees offered by President João Lourenço.
Morocco's SAMIR refining company will find out on July 18 whether it is to be taken over or sold off piecemeal. Its 200,000-bpd refining capacity interests several major companies, notably BB Energy and Glencore, while Spain's Cepsa and Morocco's Afriquia are both keen to get their hands on its storage facilities.