Morocco to import crude oil from Iran

Morocco will import crude oil from Iran, under a US$ 500 million agreement signed recently between Morocco's oil refining company "SAMIR" and the National Iranian Oil Company "NIOC."

The agreement will enable state-owned SAMIR secure and diversify its sources of oil supply.

The Iranian enterprise will provide SAMIR with a monthly shipment of 1 million of crude oil, "Lavan Blend," for a period of 18 months starting in July 2004.

On Sunday, the two countries signed a draft accord on joint investment in phosphates and its by-products and on trade exchanges. Morocco would export 200,000 tons of raw phosphates and from 50,000 to 100,000 tons of phosphoric acid to Iran, while the kingdom would import from the Asian country 100,000 tons of sulphur and 200,000 of ammoniac.

The draft accord also provides for joint studies on the construction of three plants for the production of phosphoric acid, production of ammoniac and manufacturing of phosphate fertilizers.

In 2003, OCP's transactions with Iran totaled nearly US $30 million dollars, on sales that could reach US $37 million this year.