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Morocco Business Update: May 2008 Morocco Newsletter May 2008 May 2008
Morocco Business Update May 2008
Dear Reader,
This is the last edition of the Moroccan newsletters. You can find the latest energy news that are taking place during May in Morocco.
Morocco has an extensive infrastructure to support active oil and gas exploration and a vibrant production industry. Major seaports, roadways, airports, pipelines and refineries are near large cities endowed with the usual European and North American style amenities. The downstream oil-industry of Morocco is well developed. The country has two oil refineries with a total refining capacity of 150,000 barrels per day.
If you would like to know more about these newsletters or to suggest events or articles to us, we would be very pleased to receive it at: projects@meconsult.co.uk
Kind regards,
Laura H. Sandoval MEC International Ltd. Fax: 020 7591 4801 Email:projects@meconsult.co.uk www.meconsult.co.uk
Petronas upbeat on Morocco oil exploration. After four years drilling off the Moroccan coast, Malaysian state energy firm Petronas (PETR.KL: Quote, Profile, Research) is optimistic it will find commercially viable reserves of oil and gas, the company said on Thursday. 1st May 2008
Oil bill flares up 70% in 2008 Q1. Morocco’s imports of crude oil in the first quarter of 2008 reached USD 1.1Bn, i.e. a 68.9% increase compared to the same period in 2007, according to figures of Morocco’s Office des Changes (exchange office). 2nd May 2008
Trade reaches USD 1,952 million. Total Moroccan-American trade reached USD 1,952 million in 2007, an increase of 40%, following a 44% increase in 2006 (the first year of FTA implementation). 6th May 2008
Business climate positive, Industrialists. A total of 50% of industrialists consider Morocco’s business climate as ‘positive’ during the first quarter of 2008, said a survey conducted recently by the Moroccan central bank, Bank Al Maghrib. 6th May 2008
Morocco to receive Saudi energy aid. Saudi Arabia is to give Morocco $500 million in a bid to alleviate the effects of rising energy prices, Morocco’s Foreign Ministry says. 6th May 2008
Morocco’s sedimentary basins are not exploited in full. Morocco’s onshore and offshore sedimentary basins are not explored enough when compared to the situation in other countries, Energy and Mining Minister, Amina Benkhadra said on Wednesday. 8th May 2008
Morocco, Britain to boost ties. British investors have shown real interest in boosting economic and financial cooperation with Morocco. 8th May 2008
Moroccan group buys Senegal’s leading bank. Morocco’s main banking and financial group, has finalised acquisition of the Compagnie bancaire de l’Afrique de l’Ouest (CBAO), Senegal’s leading bank, the purchaser said Friday. 9th May 2008
Morocco aspires to develop renewable energies through benefiting from German experience, minister. Morocco aspires to develop renewable energies sector through benefiting from the German experience in this field, Energy and Mining Minister, Amina Benkhadra said on Wednesday. 9th May 2008 Nuclear energy, only technical solution to meet increasing demand for electricity, Minister. The choice of nuclear energy is the only technical solution to meet Morocco’s needs in electricity in the long term, Energy and Mining Minister affirmed on Thursday.9th May 2008
Morocco aspires to develop renewable energies through benefiting from German experience, minister. Morocco aspires to develop renewable energies sector through benefiting from the German experience in this field, Energy and Mining Minister, Amina Benkhadra said on Wednesday. 9th May 2008.
Algeria to export power through Morocco. Algeria’s state-owned gas and electricity company, Sonelgaz, has confirmed its plan to export electricity to Spain through the territory of the national archrival, Morocco. Morocco’s power grid would thus be connected to Algeria. 12th May 2008
PetroVietnam Fertilizer to Build Factory in Morocco. PetroVietnam Fertilizer & Chemical Joint-Stock Co., Vietnam’s biggest fertilizer producer, signed an agreement with Office Cherifien des Phosphates of Morocco to build a $600 million plant. 12th May 2008
Morocco’s BMCE bank gets IFC loan. Morocco’s second-biggest private bank, BMCE BMCE.CS, said on Monday it had won a 70 million euro ($108 million) loan from International Finance Corp, the World Bank’s financial arm for private sector. 12th May 2008
FDIs rise 127.5%. Foreign direct investments (FDI) have exceeded the MAD 8 billion peak in the year to March. 12th May 2008
Algeria to route power export to Spain through Morocco. Sonelgaz, Algeria’s state-owned power company, is likely to take a slight diversion to export electricity to Spain by means of a power grid link through its neighbor, Morocco, reported Reuters, quoting the company’s CEO, Nouredine Bouterfa. 14th May 2008
ONE to float part of Tahaddart plant. Moroccan National Office of Electricity (ONE) has decided to float a stake in its Tahaddrat Electrical Energy Company (EET) on the Casablanca stock market. 16th May 2008
Khalifa orders $300m aid to Morocco. President His Highness Sheikh Khalifa bin Zayed Al Nahyan has decided to grant a financial aid of US$ 300 million to Morocco, to help ease the impact of rising energy prices in the kingdom, a statement by the Moroccan Ministry of Foreign Affairs & Cooperation said today. 25th May 2008
Impact already felt The Moroccan productive fabric finds itself today caught up between the rise of raw material prices and the erosion of Moroccan consumers’ purchasing power. 27th May 2008
LOI Supplies Furnaces to China and Morocco. LOI Thermprocess GmbH, Essen, Germany, an LOI Italimpianti company will supply its HPH bell-type annealing plant to Jiangsu Dajiang Metal Materials Co. Ltd., Jiangyin City, Jiangsu Province, China. The furnace will be used to anneal low-alloy, cold-rolled steel strip coils. 28th May 2008
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