Morocco imported $ 2.6 billion of oil in 2004

Morocco's oil imports and supply of oil stood at USD 2.6 billion 2004, i.e. a USD 260 million increase compared to 2003, said Energy and Mining Minister, Mohamed Boutaleb.

Speaking at a meeting held by the Commission for Productive Sectors at the House of Representatives (lower house), Boutaleb said that in order to stave off the undesirable impact of the oil price fluctuations on the local market, Morocco has adopted a policy consisting in the diversification of the supply sources.

The minister also indicated that about MAD 3.5 billion (1 USD = 8.5 MAD) has been earmarked for investments in the field of combustibles and butane gas, in the coming three years.

Boutaleb recalled the conclusion, on December 20, 2004, of an investment agreement between the government and the state-owned oil company SAMIR, pointing out that this MAD 6 billion agreement is meant to modernize Mohammedia (70 km south of Rabat) refinery. He also said all future refinery projects should be carried out in Jorf Lasfar (south of Rabat), because of the suitability of this site in terms of supply security conditions.

Due to the rise of oil prices, the Moroccan government resorted, in August 2004, to the increase of combustible prices. This increase attained MAD 0.2/littre for diesel and MAD 0.3/littre for gas.