Moroccan court to invite expressions of interest in refiner Samir

By Aziz El Yaakoubi

RABAT, Nov 21 (Reuters) - Restarting production will be a prerequisite for investors who will be invited to submit expressions of interest in Morocco's only oil refinery Samir in the coming weeks, the trustee who controls it said.

Samir ran into financial difficulties and halted production in 2015 before a court ruling placed it in liquidation and named an independent trustee to run it.

Its closure has made Morocco reliant on imports at a time when the North African kingdom is getting its finances back on track by tackling huge deficits.

The ruling has given the new managing team until December 21 to restart production in the 200,000 barrel per day complex in an effort to secure a buyer and a better price.

Mohamed El-Krimi, the court-appointed manager said he will invite buyers to submit expression of interest in the coming weeks but only bids that include restarting production would be considered.

"Once we finish evaluating the company's assets, and once the judge in charge validates the results, we will launch the process," El-Krimi told Reuters on Monday.

El-Krimi declined to give details on the timing but he said this could happen before the Dec. 21 deadline.

"The court may extend the deadline if needed, but it is too early to know," he said.

Two sources familiar with the process have told Reuters about the court's plan after failing to restart production before tendering, as the company's efforts to buy crude via tenders and talks have been unsuccessful.

El-Krimi said he was still trying to restart the complex although he could not until now for "multiple reasons".

The sources said the company is still paying salaries and social contributions for its 1,200 workers although issues with health insurance have started to surface.

Another 5,000 workers employed by sub-contractors will lose their jobs if the refiner closes down.

Samir, in which Saudi billionaire Mohammed al-Amoudi's Corral Holdings had a 67.26 percent stake, has been battling creditors ranging from oil traders to banks.

The Moroccan government says Samir owes it 13 billion dirhams ($1.33 billion) in taxes and its total debt is hovering around 44 billion dirhams.

At just under 300,000 barrels per day, Morocco's petroleum consumption is Africa's fifth largest, according to data from the U.S. Energy Information Administration. (Editing by Alexander Smith)