The Moroccan Samir Oil Refining Company recorded a 61 percent net income drop in 2001, reaching 410 million Moroccan Dirhams ($35 million), reported ksa Today. Last year’s decrease in profits set off a drop in the company’s oil refining profit margins. The company reported that margins per barrel of refined oil dropped from $1.96 in 2000 to $0.56 in 2001, with the price of oil per barrel decreasing from $28.4 to $24.4 during the same period.
Samir is engaged in producing petroleum and petrochemical products. The company also distributes petroleum products and is engaged in the hotel business. It imports petrol from Saudi Arabia, Iraq, Iran and Nigeria. The company became publicly held in 1997 and has six subsidiaries. Its products comprise of diesel oil, fuel oil, butane and petrol. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
