Latest news with #NationalOfficeofHydrocarbonsandMines
Morocco World
2 days ago
- Business
- Morocco World
Morocco Launches Ambitious Public Sector Reform with ONHYM Restructuring
The Moroccan government has approved the transformation of the National Office of Hydrocarbons and Mines (ONHYM) into a joint-stock company. This marks the first concrete step in a broader public sector reform agenda. Draft law No. 56.24, adopted by the Government Council today, sets ONHYM on a new path aimed at strengthening strategic efficiency, improving institutional performance, and optimizing national resources. This decision falls in line with Morocco's broader vision which strives to achieve deep reform and address long-standing structural issues in public institutions. Leila Benali, Minister of Energy Transition described the transformation as a strategic shift, placing ONHYM at the center of Morocco's economic and institutional renewal. According to the minister, this reform did not emerge in isolation. It was shaped through collaboration among the Head of Government's Office, ONHYM, her ministry, and the National Agency for the Strategic Management of State Holdings and Monitoring of Public Enterprises' Performance (ANGSPE). The law draws directly from Framework Law No. 50.21 and Law No. 82.20, and seeks to introduce a new governance model for ONHYM. It also opens the door to stronger performance, diversified funding sources, and more effective use of national assets. Benali further noted that this change would boost economic and territorial value and allow the agency to contribute more significantly to Morocco's development goals. Created in 2003 through the merger of two specialized institutions, ONHYM has built a solid base of geoscientific data and technical expertise. It has played a key role in identifying numerous mineral deposits, and now stands to gain more autonomy and financial agility under the new structure. The minister pointed to recent reforms within the energy and mining sectors, including updates to legal frameworks, the withdrawal of inactive permits, increased investment in natural gas, and a push toward digitization and better public service. She said that transforming ONHYM is a natural continuation of these efforts. Under the new model, ONHYM will be allowed to form subsidiaries and take part in the capital of other companies. The state will retain majority voting rights, and employee rights will be preserved. ONHYM will also continue, on a transitional basis, to operate in gas transport and storage. Benali described this shift as a crucial mechanism for repositioning ONHYM within the national economy and linking it more effectively to global value chains. She said the reform supports Morocco's pursuit of energy sovereignty and industrial transformation and aligns with a larger national strategy to improve the performance of over 50 public institutions. This new reform represents a new phase in public investment, national development, and the responsible management of Morocco's strategic assets. As the North African country advances toward energy sovereignty and deeper integration into global value chains, this reform sets a precedent for future public sector transformations. Tags: Moroccomorocco infrastructureMorocco miningONHYM
Morocco World
5 days ago
- Business
- Morocco World
Karim Zidane Represents King at US-Africa Business Summit in Angola
Marrakech – Karim Zidane, Morocco's Investment Minister, is representing King Mohammed VI at the 17th US-Africa Business Summit that opened Monday in Luanda, Angola. Zidane heads a significant delegation of public and private sector leaders, including officials from the Moroccan Agency for Investment and Export Development (AMDIE), the National Office of Hydrocarbons and Mines (ONHYM), and the National Railway Office (ONCF). The delegation also includes representatives from the General Confederation of Moroccan Enterprises (CGEM), MEDZ, MARSA Maroc, and Moroccan banks. The summit has drawn more than 1,500 participants, including African heads of state, ministers, economic and political decision-makers, and private sector representatives. The gathering serves as a major platform for economic dialogue and building sustainable strategic partnerships between the United States and the continent's emerging powerhouses. Morocco's participation aligns with King Mohammed VI's directives to strengthen the North African country's economic partnerships with African countries and international partners. The delegation aims to showcase reforms undertaken by Rabat to enhance its economic attractiveness, particularly the implementation of the new Investment Charter. The Moroccan representatives will promote opportunities in strategic sectors including renewable energy, automotive manufacturing, aeronautics, agro-industry, and green technologies. Morocco offers investors incentives that can reach up to 30% of the total investment amount through direct subsidies based on project characteristics, geographical location, and sector. The country also provides tax exemptions for new companies or those established in specific zones. With more than 40% of its energy mix coming from renewable sources, Morocco has built major solar and wind projects, including the Noor project in Ouarzazate. The automotive sector has become the country's leading export sector, with a complete ecosystem that includes two manufacturers (Renault and Stellantis) and more than 250 major international suppliers. Morocco holds a unique strategic advantage as one of only nine countries worldwide with free trade agreements with both the United States and the European Union, offering investors preferential access to two of the largest global markets. The North African country's foreign direct investment (FDI) rose by 55% in 2024, reaching $1.64 billion compared to $1.05 billion in 2023. The free trade agreement with the United States, in effect since 2006, has significantly boosted bilateral trade, which increased sixfold from $1.3 billion in 2006 to $7.2 billion in 2023. In 2024, US goods exports to Morocco reached $5.3 billion, representing a 37.3% rise from the previous year, while US imports from Morocco totaled $1.9 billion, with a 12.3% increase from 2023, making the Maghreb country one of America's main trading partners in Africa. Tags: Karim ZidaneMorocco and AfricaMorocco and the US
Ya Biladi
5 days ago
- Business
- Ya Biladi
Karim Zidane represents King Mohammed VI at the U.S.-Africa Business Summit
The Minister Delegate to the Head of Government in charge of Investment, Convergence, and the Evaluation of Public Policies, Karim Zidane, is representing King Mohammed VI at the 17th U.S.-Africa Business Summit, which opened on Monday in Luanda, Angola. Zidane is leading a Moroccan delegation that includes senior officials and leaders from both the public and private sectors, such as the Moroccan Agency for Investment and Export Development (AMDIE), the National Office of Hydrocarbons and Mines (ONHYM), the National Railways Office (ONCF), the General Confederation of Moroccan Enterprises (CGEM), along with MEDZ, MARSA Maroc, and representatives from Moroccan banks. Morocco's participation aims to showcase the country's ongoing economic reforms, particularly the implementation of its new Investment Charter, which seeks to boost the kingdom's attractiveness in key sectors such as renewable energy, automotive, aerospace, agro-industry, and green technologies. In this spirit of partnership, Morocco is positioning itself as a key player in global value chains, drawing on its strong economic ties and sustainable partnership with the United States, reinforced by the Free Trade Agreement in place since 2006. With over 1,500 participants—including heads of state, ministers, business leaders, and policymakers—the Summit serves as a major platform for economic dialogue and the development of lasting strategic partnerships between the United States and African nations.
Ya Biladi
22-05-2025
- Business
- Ya Biladi
US eyes investment In Nigeria-Morocco gas pipeline
The United States has shown strong interest in the gas pipeline project linking Morocco to Nigeria, according to media reports from Abuja. The Trump administration is showing «interest in investing in the Nigeria-Morocco Gas Pipeline (NMGP) project», said Nigeria's Minister of Finance and Economy, Wale Edun, during a press conference. This week, the minister visited Washington to attend the 2025 Spring Meetings of the International Monetary Fund and the World Bank. His Moroccan counterpart, Nadia Fettah Alaoui, also participated in the gatherings. The project enjoys the backing of Nigeria's federal government, in contrast to the difficulties faced by the Nigeria-Niger-Algeria pipeline, which has been hampered by crises in the Sahel and strained relations between Abuja and Niamey, and more recently between Niamey and Algiers. As a reminder, Amina Benkhadra, Director General of the National Office of Hydrocarbons and Mines (ONHYM), presented the significant progress of the West African Gas Pipeline (WAGP) on March 6 in Washington. Her presentation took place during an event organized by an American think tank on the sidelines of the «Powering Africa Summit», which focused on energy partnerships between the United States and Africa.
Ya Biladi
12-03-2025
- Business
- Ya Biladi
Morocco partners with Israeli firm for Sahara offshore oil and gas exploration
On March 11, Israel's NewMed Energy and Morocco's Adarco jointly secured significant rights to explore and produce oil and gas off the coast of Boujdour. According to media sources, NewMed Energy, owned by Israeli billionaire Yossi Abu, and Adarco, led by Moroccan-Jewish businessman Yariv Elbaz, will each receive a 37.5% stake in the exploration rights for approximately 30,000 square kilometers of offshore territory. Meanwhile, Morocco's National Office of Hydrocarbons and Mines will retain a 25% share, reflecting the government's continued involvement and oversight of energy resources. Yossi Abu expressed optimism about Morocco's energy potential, stating, «We see great potential in Morocco since the resumption of relations, and this announcement aligns with our strategic ambition to expand our activities in the Mediterranean and North Africa». Efforts to explore oil in the area between the Moroccan coast and the Canary Islands have long faced obstacles. Spanish company Repsol previously conducted exploratory operations around the Canary Islands but did not find sufficient quantities to justify commercial production. Geological challenges were not the only factors casting doubt on the region's potential; the Spanish government also imposed environmental restrictions that limited hydrocarbon exploration activities.
