Operis provided model audit and other financial due diligence services to Servizi Assicurativi del Commercio Estero SpA (SACE), African Development Bank (ADB), the French development bank Proparco, international funders, BNP Paribas and Barclays Capital and local Moroccan banks, for the project financing of an upgrade of oil refinery installations at Mohammédia in Morocco, owned by parastatal, Société Anonyme Marocaine de l’Industrie de Raffinage (SAMIR). Taylor de Jongh and BMCE advised and structured the transaction.
The project centres around a $945 million upgrade to the hydroskimmer together with the installation of a cracker complex enabling the production of low sulphur product, ensuring that SAMIR can meet enhanced Moroccan environmental specifications, and meet European specifications for exported fuels, especially diesel, in the period to 2010.
Project finance facilities recently closed have been agreed at approximately $600m.
Operis has an ongoing appointment to recertify financial model updates and provide related services.
