Morocco Energy Deal with Russian Development Expected to Create New Jobs

Mya Energy Company

A new energy construction project was struck on October 23, 2019, between Morocco’s Mya Energy Company and the Russian State Development Bank (VEB). It is expected to reduce unemployment and energy imports in Morocco. Since the 2015 closing of SAMIR, the northern kingdom’s only refinery, Morocco relied heavily on importing its energy. Now Morocco’s most expensive and largest import is refined petroleum and petroleum gas. According to the Observatory of Economic Complexity (OEC), the world’s leading visualization engine for international trade data, a 2017 report stated refined petroleum represents 8.37% of total Moroccan imports.

Going forward Morocco seeks to achieve domestic oil production and will look to their new Russian counterparts to assist them. Maya Energy is seeking technology and equipment expertise to make its Nador West Med port facility (400 Kilometers west of Tangier) reach optimal efficiency. The Nador refinery’s location is considered an important element in achieving the 200,000 barrels per day quota Maya anticipates in the initial phase.

According to Mya Energy’s general director Youssef El Alaoui, one of the project’s important goals is to reduce unemployment. “The deal is expected to create several thousand direct and indirect jobs, especially in the northern region of the kingdom,” said El Alaoui at the official contract signing with VEB president, Daniil Algulyan.

The construction agreement is worth is nearly 2 billion euros. The Russian Export Center is also involved in the deal.

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