Home Economy Morocco Invites Russian Companies to Invest in Its Oil, Gas Sector

Morocco Invites Russian Companies to Invest in Its Oil, Gas Sector

Moscow – The Moroccan delegation taking part in the Moroccan-Russian working group monitoring bilateral cooperation in the energy field presented investment opportunities for Russian gas and oil companies, Secretary General of the Ministry of Energy, Mines, Water and Environment, Abderrahim El Hafidi, said.

In an interview Tuesday with the Russian news agency “Sputnik”, the Moroccan official noted the presence in the working group, which holds its first meeting in Moscow, of several large Russian companies, including Gazprom and Rosneft, adding that recommendations will be taken after the meetings to further strengthen cooperation between Morocco and Russia in the energy field.

In this regard, El Hafidi said that contacts have been made with major Russian firms in order to explore the opportunities to supply the domestic market with the Russian gas.

He also stressed that the memorandum of understanding on cooperation in the energy sector, concluded last March during HM King Mohammed VI’s visit to Russia, encourages the two countries to strengthen cooperation to secure strategic energy reserves regionally, especially that Morocco has proven experience in the field, notably in the storage of liquefied natural gas.

El Hafidi also highlighted the legislative reforms in the energy sector, noting that Morocco offers immense investment opportunities valued at $ 40 billion, including more than $ 30 billion in the renewable energy sector.

With MAP

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