Moroccan energy minister flies to US
Morocco, Economics, 9/24/1999

Moroccan Energy Minister, Youssef Tahiri, on Wednesday left London for the US city of Houston, where he will present the Moroccan energy program to American companies.

In Houston, Tahiri will attend an international energy meeting. On the fringes of the encounter, he will hold talks with several international oil companies, interested in the Moroccan market.

Morocco will also hold in Houston a meeting on "Morocco-Hydrocarbons" to present Morocco's oil assets and potentials to several international firms.

Tahiri who has just paid a visit to Great Britain called for the swapping of Morocco's debt to the USA and Britain into investments in the field of energy.

Tahiri told MAP bureau in London the development of energy infrastructures is among the topical issues of the government's action plan. He added that Morocco is also determined to consolidate cooperation with international partners who spare no effort to back Morocco's projects.

Morocco had concluded in the few past years oil drilling contracts with Saudi ARAMCO company, Australian Roc Oil Company and Swedish Taurus.

The Minister announced that a new law on oil drilling in Morocco will be tabled before the Parliament next October. "I hope that the text will be adopted at the end of October and promulgated in the month of November." He described the law as very stimulating and attractive to foreign investors.

The text provides for a decrease of the State's share from 50 to 25 % if oil is discovered, he said, adding that the document also includes encouraging fiscal amendments. "Upon the request of international societies, we have revised the system of royalties, total tax exemption over 10 years and the setting of concession duties at a reasonable level, enabling firms to compensate the fees of unfruitful drilling."

Previous Stories:
  Swapping Morocco's debt owed to US and UK is possible; oil explorationss   (9/22/1999)
  Morocco's industry, energy and mining perform well in 1999   (9/2/1999)
  Petrol prices up in Morocco   (9/1/1999)

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