(Ecofin Agency) - Morocco's oil refiner Samir has said that it made a 2.17 billion dirham ($223 million) H1 loss upset by maintenance in January and February. Reuters report

Samir, controlled by Corral Petroleum Holdings, recently announced plans to halt production at its 200,000 bpd Mohammedia refinery.

Morocco's tax administrations have since then seized the company's bank accounts in pursuit of a 13 billion dirham ($1.3 billion) tax claim.

Samir stated that the company's board would meet on 11th of September to decide on the terms of a capital increase in in order to end its financial difficulties.

Last year, the company posted a mid-year profit of 211 million dirhams in line with this year's mid-year loss it said sales fell by 32 % and revenue was down 50 %. The company data showed It had a total debt of more than 24 billion dirhams at the end of 2014 including billions owed to the government in taxes and charges. As Morocco's only refinery, its closure would make the country entirely reliant on imports.

According to data from the U.S. Energy Information Administration, at just under 300,000 bpd, its petroleum consumption is Africa's fifth largest.

However, Mohammed al-Amoudi, owner of Corral Holdings, which controls 67.26 pct. of Samir, has been in negotiation with the Moroccan government to find a concession to end the company's on-going crisis.