Russia to Build $2 Billion Oil Refinery in Morocco, Boosting Energy Ties

The agreement bears the signature of the CEO of the company, MYA Energy, Youssef El Alaoui, on the Moroccan side, and that of the President of the Development Bank of the Russian Federation (VEB), Daniil Algulyan, as well as that of the Vice-President of the Russian Export Center, Nikita Gusakov.

This agreement covers the construction of a refinery that will take advantage of Russian expertise and the latest technologies for the refining and storage of petroleum products.

According to the CEO of the company, MYA Energy, Youssef El Alaoui, this project is part of an approach that takes into account compliance with environmental standards in order to allow the Kingdom to contribute to the "IMO 2020" regulation, which involves reducing sulfur emissions, of which Morocco is a signatory, as part of the commitments of COP-22 in Marrakech.

The realization of this project also guarantees employment for Moroccans since the project owner is a Moroccan company in partnership with various Russian players in the field who will provide the expertise, technology and high-performance equipment.

The aim is to allow the Kingdom to accentuate its energy leadership on the African continent and globally, it is noted, indicating that the refinery to be built as part of this project will initially have a refining capacity of 100,000 barrels per day, and could, in a second step, reach a capacity of 200,000 barrels per day.