The Islamic Development Bank (IDB) lent LASAMIR oil refinery USD 100Mn to import crude oil under a convention signed here on Tuesday by IDB President, Ahmed Mohamed Ali the company Managing Director, Jamal Baamir.

    The convention was signed on the occasion of the two-day joint annual meetings of Arab finance institutions, opened on Tuesday in the Moroccan capital city.

    The IDB funding span over a six-month period renewable on the same
conditions after the payment of the first loan.

    LASAMIR projects funded by the Islamic bank totalised USD 1.3Bn.

    The oil Refinery achieved a USD 83Mn net result in 2005, a 59% increase and a turnover estimated at USD 2.8Bn, a 26% increase. Its sales stood at 6.9Mn tons (+9%) and refined oil production was estimated at 7Mn tons (+7%).

    The refinery signed in May 2005 two partnership conventions with the Italian-Turkish consortium Snamprogetti-Tekfen and the Italian company Foster Wheeler Italia.

    LASAMIR-Snamprogetti-Tekfen convention provided for building a modern complex to enhance the quality of oil products in the Mohammedia-based refinery, protecting the environment through cutting harmful emissions, improving the safety of refining installations and reinforcing the security of supply.

 Under the second convention, engineers from the Mohammedia-based company and experts from Foster Wheeler will constitute a project-team to follow up and supervise works.

 The modernisation project, due to be completed in three years, is jointly funded by LASAMIR, Moroccan banks, international banks and the African Development Bank