Morocco Boosts Petroleum Storage Capacity to 3 Million Cubic Meters
Morocco has significantly expanded its petroleum storage capacity, reaching approximately 3 million cubic meters, according to Minister of Energy Transition and Sustainable Development, Leila Benali. This announcement, made during a budget presentation on November 5, 2024, highlights the country’s commitment to energy security and its ongoing efforts to modernize its infrastructure.
This impressive capacity comprises 2.2 million cubic meters dedicated to liquid petroleum products, with 90% strategically located near port facilities for efficient import and distribution. Furthermore, the country boasts a storage capacity of 799,000 cubic meters for liquefied petroleum gas (LPG), with a similar port-centric approach (91% located near ports). This strategic placement underscores Morocco’s focus on streamlining logistics and ensuring a readily available supply for domestic consumption.
While the overall storage capacity is substantial, the days of consumption covered varies depending on the specific product. Current reserves range from a low of 33 days for propane to a high of 109 days for premium gasoline. The legally mandated reserve target is 60 days of national sales, a benchmark based on market consumption data from petroleum companies operating in Morocco.
Interestingly, Minister Benali expressed reservations about the 60-day requirement for fuel oil, citing the national strategy to phase out its use. She emphasized the strategic importance of diesel and butane, suggesting a shift in focus towards these essential fuels. This aligns with global trends towards cleaner energy sources and a reduced reliance on heavier fuel oils. The International Energy Agency (IEA), for example, has highlighted the need for a significant decline in fuel oil consumption to meet climate goals. [Link to relevant IEA report could be added here].
This expansion represents a significant investment in Morocco’s energy future. Since the start of the current government’s term, over one million cubic meters of new storage capacity have been brought online, representing an investment of approximately 2.8 billion dirhams (approximately $280 million USD based on current exchange rates). This investment not only enhances energy security but also contributes to economic growth and job creation.
Further development is already underway. Private sector projects slated for completion by the end of 2024 will add another 69,000 cubic meters of storage, backed by an investment of around 204 million dirhams. Looking ahead to 2025 and 2026, an additional 470,000 cubic meters of capacity is planned, with an associated investment of 1.7 billion dirhams. This continued investment demonstrates a long-term vision for a robust and resilient energy sector.
This proactive approach to expanding storage capacity positions Morocco favorably in a volatile global energy market. By securing its supply of essential petroleum products, the country can mitigate the impact of price fluctuations and supply disruptions, ensuring stability for its citizens and businesses. This strategic foresight is crucial for sustainable economic development and reinforces Morocco’s commitment to a secure energy future.
Keywords: Morocco, Petroleum, Storage Capacity, Energy Security, Leila Benali, Energy Transition, Sustainable Development, LPG, Diesel, Butane, Investment, Infrastructure, Port Facilities, Fuel Oil, National Strategy, IEA.
