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Morocco currently imports 90% of its energy, and rising fossil fuel prices are increasing the calls to reopen the kingdom’s sole oil refinery. The Société Anonyme Marocaine de l’Industrie du Raffinage (SAMIR) opened in 1959 as a joint venture between the Moroccan state and Italian energy giant ENI.
Can foreign oil companies drill in Morocco?
However, as part of agreements to allow foreign oil companies to drill in Morocco, only a part of this value is likely to go into Moroccan coffers, or supply the Moroccan market. Read Also: Decarbonization Day: A Harsh Reminder of Global South Realities
How much is Moroccan oil worth?
The discovered oil reserves are valued at $100 billion, which is close to Morocco’s GDP in 2020, $112.9 billion. However, as part of agreements to allow foreign oil companies to drill in Morocco, only a part of this value is likely to go into Moroccan coffers, or supply the Moroccan market.
Where is Morocco’s sole oil refinery?
Morocco’s sole oil refinery in Mohammedia, near Casablanca, on June 22, 2019. Three years after it was liquidated for racking up billions of euros worth of debt, Morocco’s sole oil refinery and one-time economic flagship is struggling to attract a buyer and survive. – AFP via Getty Images)