Commodities & Energy

Reuters reveals Glencore, Carlyle team up to rescue bankrupt Moroccan refinery

Reuters reveals Glencore, Carlyle team up to rescue bankrupt Moroccan refinery

Reuters exclusively reported that Swiss trading giant Glencore and U.S. private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt. Reuters sources said the Moroccan government wanted at least $2 billion for the plant at Mohammedia, on the Atlantic coast near Casablanca. However, no decision on any sale is imminent, due partly to its complex debts.