Saudi-Owned Corral Petroleum To Control Morocco's Refining & Retail Sector.Corral corral
a small fenced-in enclosure with high, wooden fences, suitable for holding cattle or horses.
a management system in which range cattle are put into corrals and fed hay for a period when the environment is most Petroleum Holding, owned by Al Amoudy family of Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and based in Sweden, is to assume control over the oil refining and retail businesses in Morocco. This will be done through a merger of the country's two oil refining companies in which Corral holds the majority of shares: Societe Anonyme Marocaine de l'Industrie de Raffinage (Samir) and Societe Cherifienne de Petroles (SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. ). Samir and SCP have recently agreed to merge during the first quarter of 1999.
Samir and SCP have a combined refining capacity of 155,000 b/d. Corral owns 67.7% of Samir and 73.9% of SCP and its share acquisition took place in May 1997. Elf Aquitaine Elf Aquitaine was a French oil company which merged with TotalFina to form TotalFinaElf. The new company changed its name to Total in 2003 . Elf has been maintained as a major brand of Total. recently sold its 20.48% equity in SCP to other parties.
During the first half of 1998, Samir's profits rose by 5.9% to MD241.8m ($26.5m), compared with the first half of 1997. But its turnover fell by 20.5% from the first half of 1997 to MD3.1 bn ($339m).
Corral's local unit, Corral Holdings Morocco (CHM chm - Compiled HTML ) recently decided to merge Samir and SCP so that their resources are pooled together to gain economies of scale and help CHM prepare a long-term programme for expansion. CHM also intends to upgrade the two refineries, as gasoline specifications in Morocco are to be changed by 2003. CHM is to increase their retail networks, which will be placed under a common system.
Expanding LPG LPG: see liquefied petroleum gas.
1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. Business: SCP's LPG retail network in Morocco is to be expanded through a new 50-50 venture between CHM and a major European oil company. This will require a three-year investment of $40m, half of which will be put up by CHM.
At present, SCP has nine LPG filling units accounting for 40% of the filling sector but only 5% of the LPG retail market. The aim is to more than double the market share. The investment will include acquisition of at least one of the small LPG marketing companies in the country.