Morocco, Malaysia ink cooperation accords
Morocco-Malaysia, Economics, 4/16/2002

Morocco and Malaysia inked here on Tuesday several cooperation accords, including two oil drilling contracts.

The accords were concluded on the occasion of the official visit Malaysian Premier, Mohamed Mahatir, is paying to Morocco as of this Tuesday.

The first oil drilling contract provides for joint off-shore drilling in the 14,184-square meter Rabat-Sale zone to be conducted by the Moroccan National Oil Exploitation Office (ONAREP) and the Malaysian Petronas Carigali Overseas Sendirian Berhad (PCOSB).

The second contract covers 7300 square meters in the Moroccan central area of Misour.

Under a 12-month permit, Petronas undertakes to reassess the seismic data and conduct geological and geophysical studies to identify the oil potential in the areas.

Morocco had already granted to several foreign companies oil drilling permits covering different off-shore and on-shore parts of the country.

Morocco and Malaysia also concluded another accord on investments guarantee and a memo of understanding on cooperation in information and communication technology.

Other memos of understanding were signed between the Moroccan External Investments Direction (DIE) and the Malaysian Industrial Development Authority (MIDA) and between the Moroccan Center of Exports Promotion (CMPE) and the Malaysian Trade Development Agency.

The agreements are meant to give a new impetus to cooperation between the two Muslim nations, whose bilateral trade is still short of their potentials. Bilateral trade does not exceed US$25 million with a trade balance in favor of Malaysia.

Morocco's imports from Malaysia are made up mainly of finished consumption products, radio receivers and TV sets, while the Asian country imports from Morocco food products, particularly canned fish.

Previous Stories:
  Morocco, Malaysia explore cooperation possibilities in new information technologies   (6/26/2001)
  Morocco, Malaysia to step up cooperatives partnership   (9/17/1999)

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