REUTERS SUMMIT-BB Energy aims for aggressive growth, says Moroccan debt manageable

LONDON Mid-sized oil trader BB Energy is looking to expand aggressively in Africa and the former Soviet Union via new deals and asset purchases, its chief executive told Reuters.

The company’s risk appetite is still high despite having significant sums of money trapped in Morocco and new assets will help it expand its oil trading volumes by 10 percent a year over the next five years, Mohamed Bassatne said.

Several oil majors and trading houses, including BB Energy, are owed over $1 billion by Moroccan refinery Samir, which they supplied with crude and products but failed to receive payments for after the government ordered it into liquidation in 2015.

Samir’s filings estimated BB Energy’s debt at $122 million. BB Energy and other Samir creditors have not disclosed the amount they are owed.

“It’s not life-threatening at all. Is it an exposure? Yes it is an exposure but nothing that…

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