Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesMorocco will invest over $40 billion in the energy sector by 2030, including in a liquefied natural gas project, according to Morocco’s energy minister.
Minister of Energy, Mines, and Sustainable Development Aziz Rebbah said that $30 billion will be devoted to renewable energy projects, reported Maghreb Arab Press (MAP).
The investment will create great opportunities for the national, regional, and international private sector, he added.
The minister indicated that Morocco’s demand for energy is increasing, and the country is almost entirely dependent on imports. Morocco’s overall consumption of primary energy amounted to 20.8 million tons in 2017, including oil (55.9 percent) and coal (25.5 percent).
According to Rebbah, renewable energies, including wind, hydroelectric, and solar energy, contributed 5.8 percent in 2017, compared to only 2.6 percent in 2002. Renewable energies have reduced Morocco’s dependence on energy consumption from 98 percent in 2008 to 93 percent in 2017.
Rebbah also touted Morocco’s liquefied natural gas (LNG) project in Jorf Lasfar, 120 kilometers south of Casablanca. 80 companies are currently interested in taking on the LNG project, which is worth $4.5 billion and will soon be put to tender.
The US Trade and Development Agency (USTDA) announced on September 26 it gave Morocco a grant supporting the LNG infrastructure development in Morocco by funding “a feasibility study.”
“This project will help meet growing demand for natural gas in Morocco while creating new business opportunities for U.S. companies,” said Thomas Hardy, USTDA director for congressional and public affairs.
Original source: Morocco World News
Published on 2 October 2018