BGI Petroleum and Samir storage tank rental agreement

BGI Petroleum and Samir storage tank rental agreement

BGI Petroleum (Benbrahim Group Investment Petroleum), owned by billionaire Rida Benbrahimbegan distributing fuel from this week to its network of service stations (about twenty) throughout the Kingdom.

BGI Petroleum had indeed won the rental contract for the tanks of the “Samir” refinery after the commercial court on October 25 had authorized the trustee in charge of the liquidation of the refinery to conclude rental contracts for the storage tanks. Operation has thus been entrusted to a newly created company, BGI Petroleum, which has a few service stations under the “Yoom” brand.

The state was supposed to operate the “Samir” tanks to help increase the stock of fuel when prices fell in 2020, during the crisis resulting from the pandemic. Except that he had given up using the storage bins, thus abandoning the case without convincing justifications beforehand. Two years later, the jackpot was won by this company through a rental contract. It is rumored that the case was in the bag without even going through the fateful rule of offers, according to data obtained by MoroccoLatestNews.

The data of the rental contract being missing, MoroccoLatestNews has however obtained some details. It is said in fact that its termination is de facto when the company ceases to distribute petroleum products for a period of more than six months or, in the event of non-payment of invoices within 30 days of the date of receipt of a “Execution and disrespect warningand legal obligations”.

The contract is also considered null and void in the event of loss or rental of the property of the Samir company, or the issuance of a court decision ending the current situation of the company or modifying the legal regime in force. .

That said, the process of importation, storage and distribution for the benefit of this company indicates an effective availability of the machines and production units of the Samir refinery, whereas it was said that this required enormous costs for the repair. At the same time, there is the question of the State’s inability to also facilitate the return mission of refining, especially with the significant increase in the refining margin.

The success of the affermage process is also reinforced by the demands of the workers for the Samir refinery to resume its normal activity of refining, storage and distribution of petroleum products. Either by inducing and motivating the transfer to the private sector, especially since the court has received several offers to purchase the company and its assets, or settle the case in favor of the Moroccan State by the settlement of the debt.

Fuel dossier observers are anticipating the impact of the affair on the stock and the prices offered at the distribution stations since the Samir tanks are now in operation after years of shutdown.

There are also questions about whether or not to extend the tank rental option to other companies. Indeed, it is said that renting these storage bins could increase security reserves and drive prices down. There is therefore plenty to eat and drink, especially since a certain number of companies have seized the Casablanca commercial court in this regard.

Knowing that the storage capacity of the refinery is about 2 million cubic meters, or the equivalent of 60 days of consumption, one wonders why the exclusivity. Samir has a fleet of nearly 280 tanks intended for the storage of crude oil, intermediate and refined products.

The tanks are distributed between three sites, the largest of which is the one where the refinery is located (Mohammedia) with a capacity of 1.51 million m3. The overall capacity is estimated at 2 million m3. Security reserves today are below the legal minimum (20 to 26 days while the required minimum is 60 days).

The company “BGE Petroleum” filed an application with the Casablanca Commercial Court last October to rent the warehouses of the Samir company located in the city of Mohammedia, and the judge in charge of the judicial liquidation of the Samir company approved Requirement. The company concerned therefore began a few weeks ago to import petroleum materials to start up its stations, the distribution of which is officially underway under the “Yoom” label.


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