Wednesday 20 April 2022

Petroleum Products: Situation of Morocco’s Strategic Stock is ‘Satisfactory’ (Minister)

Petroleum Products: Situation of Morocco’s Strategic Stock is ‘Satisfactory’ (Minister)

Minister of Energy Transition and Sustainable Development, Leïla Benali, said Tuesday that the situation of the national strategic stock of petroleum products is “satisfactory”.

Speaking at the House of Advisors (upper house), the minister underlined that "the national stock of petroleum products is sufficient to cover between 30 and 40 days of consumption, according to the type of product", noting that this situation has prevailed for 20 years now.

With regard to natural gas, Mrs. Benali said that the quantities available and the prices of this product at the level of the national market inspire optimism, adding that despite the difficult global situation, contracts have been concluded with international companies to supply the country.

In addition, the minister stressed that within the framework of the ambitious policy adopted by Morocco to increase the level of the reserve stock and meet the needs of the national market in energy products, her department is looking into the support of the projects programmed by the private sector for the creation of additional global storage capacity for petroleum products through a budget of nearly 3 billion dirhams by 2023.

She noted, in this regard, that the ministry is also examining the possibility of setting up a new management system for the reserve stock, within the framework of a public-private partnership, the monitoring of the situation of the national energy sector while proposing adequate measures that must be adopted in case the sector faces shocks or fluctuations, in addition to the measures that are necessary to ensure the energy sovereignty of the country, including the legal framework.

MAP 20 avril 2022