Morocco and the Swedish firm Corral Morocco Holding have formally sought to correct errors in the ruling made by the International Center for Settlement of Investment Disputes (ICSID) regarding their dispute.
– The ICSID had previously mandated Morocco to pay $150 million to Corral, the main shareholder of the Moroccan Refining Industry Company (SAMIR). Following this verdict, both parties have a 45-day window to request a correction or file an appeal.
– While ICSID decisions are typically seen as final and binding on the parties involved, there are mechanisms for post-ruling adjustments. This includes requesting a new ruling from the same tribunal for issues that might not have been properly addressed, as well as correcting material errors or calculation mistakes found in the original ruling.
– The ICSID ruling is significant due to its effects on SAMIR, Morocco’s only oil refinery, which has been embroiled in legal challenges. In July, the Federation of the Democratic Left (FGD)—an alliance of two left-wing Moroccan political parties—advocated for the immediate reopening of SAMIR to enhance Morocco’s energy independence in response to the initial ruling.
– The FGD has also raised alarms about the financial and social difficulties faced by employees of SAMIR, urging that these individuals receive compensation for the hardships they are likely to suffer during the ongoing legal processes.
