Morocco to invest US $40bn in energy sector
Morocco is planning to invest US $40bn in the energy sector, which includes a liquefied natural gas project, by 2030.
Confirming the reports was Minister of Energy, Mines, and Sustainable Development, Aziz Rebbah who said that US $30bn will be devoted to renewable energy projects and that the investment will create great opportunities for the national, regional, and international private sector.
The minister pointed out that renewable energies, including wind, hydroelectric, and solar energy, contributed 5.8% in 2017, compared to only 2.6% in 2002 in the country. They have reduced Morocco’s dependence energy consumption from 98% in 2008 to 93% in 2017. Aziz Rebbah also touted Morocco’s liquefied natural gas (LNG) project in Jorf Lasfar, 120 kilometers south of Casablanca.
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%) and coal (25.5%).
The project comes as a part of the Moroccan strategy to diversify energy supplies and reduce Morocco’s dependence on oil and gas and also since the U.S. Government is proud to support Morocco’s energy diversification and assist Morocco in providing reliable and efficient energy to its citizens.