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Morocco Business Update: April 2008 April 2008 April 2008
Morocco Business Update
April 23rd 2008
Dear Reader,
This is the last edition of the Moroccan newsletters. You can find the latest energy news that are taking place during this month in Morocco.
Morocco has an attractive fiscal regime relative to other North African oil and gas producing countries. Participation upon production of up to 25%; a 10% royalty on oil production, and a 5% royalty on gas production and 35% corporation tax which is only payable after a 10 year holiday on production.
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: inquiries@meconsult.co.uk
Kind regards,
Laura H. Sandoval MEC International Ltd. Fax: 020 7591 4801 Email:projects@meconsult.co.uk
King chairs signing ceremony of agreement to support sustainable development center. Ifrane (200km east of Rabat), Apr.19 - King Mohammed VI of Morocco chaired on Saturday, in Ras El Ma (province of Ifrane), the signing ceremony of an agreement to support sustainable development projects in the region. 19/04/08
AfDB lends Morocco 151 million euros for power project. Rabat, Morocco - The African Development Bank (AfDB) has lent Morocco 151 .4 million euros to finance a thermo-solar power station project in Aïn Beni Mat h ar in eastern Morocco. 07/04/08
Energy/Mining : Energy in Morocco. “The creation of the Renewable Energies Development Center (CDER) in 1982 is clear evidence of the government’s determination to promote renewable energy sources.” 21/04/08
Morocco begins increasing energy output. Morocco aims to boost its energy production to 5,000 megawatts over the next five years, Energy and Mines Minister Amina Benkhadra said. 01/04/08
Wind energy in Morocco: Which strategy for which development. National Centre for Scientific and Technical Research (CNRST).Morocco.
Benguérir Phosphates Mine, Morocco. Located 70km north of Marrakesh, Benguérir is the newest of Morocco’s four phosphate mining centres, having started production in 1979–80. Operated by Office Chérifien des Phosphates (OCP), the opencast mine works 24h/d in three shifts and is managed together with the Youssoufia mining and treatment centre. OCP employs around 775 people at Benguérir.
Morocco: Mining. The mineral industry is Morocco’s largest foreign exchange earning sector and usually accounts for 35% of foreign trade and about 6% of the GDP of Morocco.
Island Oil & Gas Extends Reconnaissance Contract in Morocco. Island Oil & Gas plc announces that San Leon (Morocco) Ltd, the Operator, has been granted a 12 month extension to the Exclusive Reconnaissance Licence in the Zag Basin onshore Morocco, by the Office National des Hydrocarbures et des Mines (“ONHYM”). The extension is effective from 24 December 2007. 02/04/08
Island Oil & Gas Awarded New Licence in Morocco. Island Oil & Gas plc announces that the Ministre de l’Energie, des Mines, de l’Eau et de l’Environment of Morocco has formally approved the ‘Tarfaya Onshore’ Petroleum Agreement (the ‘Permit’) awarded to Island’s wholly owned subsidiary Island International Exploration Morocco (“IIEM”) by the Office National des Hydrocarbures et des Mines (“ONHYM”) in November 2007. 12/04/08
Morocco to boost energy output. Morocco’s strategy in the energy sector aims at boosting national production to 5,000 MGW during the upcoming five years to satisfy the growing demand for energy, the kingdom’s Minister of Energy and Mines, Amina Benkhadra was quoted as saying by MAP. The statement came after the launch of the world’s first combined cycle thermo-solar power plant, which will cost some US$ 631 million. It is located near the eastern city of Oujda. 30/03/08
CSP Plant launched in Morocco. King Mohamed VI has laid the foundation stone of the Ain Beni Mathar thermo-solar electricity plant, the first one in the country. 08/04/08
Morocco gets funds for thermo-solar plant. The African Development Bank has granted Morocco a 20-year, $238 million loan to build a thermo-solar power plant, Xinhua News Agency reported. 09/04/08
Morocco begins increasing energy output. Morocco aims to boost its energy production to 5,000 megawatts over the next five years, Energy and Mines Minister Amina Benkhadra said. 01/04/08
Market Overview. Morocco signed a free trade agreement with the U.S. on June 15, 2004, which entered into effect on January 1st, 2006. The U.S.-Moroccan Free Trade Agreement (FTA) is one of the most comprehensive free trade agreements that the U.S. has ever negotiated. Morocco is the second Arab and first African nation to have an FTA with the U.S. 22/04/08
Rural electrification in Morocco. Energy companies Total,Tenesol and Electricité de France set up the Temasol company to operate a country-wide rural electrification programme in Morocco. 21/04/08
Morocco awards contracts for two cement plants. Morocco’s Ciments de l’Atlas (Cimat) has awarded France’s Polysius the contract to build two greenfield cement plants in Morocco. 02/04/08
African Development Bank increases funding for Moroccan solar power plant. The African Development Bank has granted a further $237.9m loan to Rabat to fund a planned solar power project at Ain Beni Mathar in northeast Morocco. 08/04/08
Morocco: Oil and Gas. Morocco has a substantial infrastructure to support an active oil and gas exploration and production industry. Major seaports, roadways, airports, pipelines and refineries are near large cities endowed with the usual European and North American style amenities. 23/04/08
Read more
King Mohamed VI Launches Thermo-Solar Energy Plant in Morocco. King Mohamed VI on Friday, 28 March, laid the foundation stone of the Ain Beni Mathar thermo-solar electricity plant at a ceremony attended by many people, including the AfDB’s Resident Representative in Morocco, Nono Matondo-Fundani. 05/04/08
Morocco gets €151 million from African Development Bank. The loan, to be paid in 20 years, including a 5-year grace period, was granted to the state-owned National Electricity Board, a Moroccan official said in Rabat on Monday. 08/04/08
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