Benali unveils 6 billion dirham plan to boost Morocco's hydrocarbon storage capacity
via Le Matin2 min read
Leila Benali, Minister of Energy Transition and Sustainable Development, announced a 6 billion dirham investment plan to enhance Morocco's hydrocarbon storage capabilities. This initiative aims to increase storage capacity, particularly at regional and territorial levels, building on a more than 30% increase in reserves between 2021 and 2025, which currently cover over 17 days of national petroleum product needs. The plan seeks to strengthen the national energy system's resilience against market fluctuations. Benali also highlighted her ministry's regular cooperation with the Competition Council and the General Directorate of Taxes, providing them with data on the hydrocarbon market, including stock levels and storage capacities, to ensure market oversight. She noted that the ongoing reform process, initiated in 2021, addresses sector dysfunctions, emphasizing that discussions on hydrocarbons are linked to the 2015 price liberalization and necessary accompanying reforms. The minister stressed that enhancing storage capacity, consolidating energy security, and continuing market reforms require sustained institutional and legislative efforts from all stakeholders.
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This summary was AI-generated from a story originally published by Le Matin.
Orange Maroc and Cash Plus announced a strategic partnership on Monday, June 29, to broaden access to mobile financial services and telecom offerings. This collaboration leverages Cash Plus's national network of over 5,200 service points, with nearly 23% located in rural areas. The agreement has two main components: Orange Money account holders can now deposit and withdraw cash at Cash Plus agencies, and the Cash Plus network will progressively offer subscriptions to Orange telecom services. Orange Money customers can perform transactions by providing their phone number at a Cash Plus agency, receiving a real-time receipt. This partnership aims to enhance access to digital financial services, particularly in less developed areas, and supports Orange Maroc's development of its Orange Money service. Marwane Belakbir, General Manager of Orange Money Maroc, stated that the partnership brings Orange Money closer to Moroccans by making cash deposits and withdrawals accessible everywhere, strengthening mobile payment usage with a simple, secure, and local experience. Nabil Amar, Chairman and CEO of Cash Plus, highlighted that this collaboration utilizes their multi-service proximity network for mobile payments and daily telecom services, marking a new step in their financial inclusion ambition by bringing essential services closer to Moroccans across the Kingdom.
Guinea-Bissau's Minister of Foreign Affairs, International Cooperation, and Communities, Fatumata Jau, reaffirmed her country's full support for Morocco's territorial integrity and the autonomy plan for the Sahara. Following discussions with Morocco's Minister of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad, Nasser Bourita, Ms. Jau stated that the autonomy plan is the only credible and realistic solution to the dispute. She highlighted the significance of Guinea-Bissau opening a Consulate General in Dakhla in October 2020, which she said demonstrates the strong partnership between the two nations. Ms. Jau noted that this move aligns with the international momentum driven by His Majesty King Mohammed VI in support of the autonomy plan and Morocco's sovereignty over the Sahara. The Bissau-Guinean foreign minister also welcomed the adoption of Security Council Resolution 2797, which endorses the autonomy plan under Moroccan sovereignty as the basis for a just, lasting, and mutually acceptable resolution to the dispute.
Morocco's economy grew by 4.6% in the first quarter of 2026, a slight decrease from 5% in the same period of 2025, according to national accounts published by the High Commission for Planning HCP. This growth was primarily driven by a significant 18.4% increase in agricultural value added, which helped to counteract a 1% decline in secondary sector activities. Domestic demand remained the main driver of growth, contributing 6.9 points to the overall economic expansion, with household final consumption expenditure rising by 4.6% and public administration final consumption increasing by 4.9%. Inflation remained low at 1.1%. While non-agricultural activities saw their growth rate slow to 2.6% from 4% a year prior, the tertiary sector recorded a 4.3% growth, supported by accelerations in financial services, insurance, transport, warehousing, and information and communication. However, some tertiary activities like accommodation, catering, education, health, and social action experienced a slowdown. Gross investment grew by 10.8%, contributing 3.4 points to growth. External trade had a negative impact on growth, with imports of goods and services increasing by 12.7% and exports by 9.2%, resulting in a negative contribution of 2.3 points. The national gross disposable income increased by 6.8%, and national savings reached 31.4% of GDP, while the economy's financing need stood at 1.5% of GDP.