Moroccan oil-refining firm posts $97.5 million profits in 1999

Moroccan oil-refining firm "SAMIR" announced a net profit of $97.5 million (975 million DH) in 1999, a 23% growth compared to 1998.

The company based in Mohammedia, a port city located 70 km south of Rabat, said its sales increased by 23%, with the share of internal market progressing by over 11% while external markets knew a dramatic increase of 134%.

Morocco's oil products consumption, around 6 million tons annually, grew by 9% compared to 1998, according to the statement released by SAMIR.

The administrative board decided last week to expand the technical capacities of the existing refining plant in Mohammedia and build new processing units.