Morocco to expand petroleum product storage capacity to 1.8 Million m³ by 2030

Morocco will expand its petroleum product storage to 1.8 million cubic meters by 2030, which would cover an additional 41 days of national consumption, Morocco’s Minister of Energy Transition and Sustainable Development Leila Benali said.

Benali, speaking before the Upper House, explained that the investment cost of these projects is 5 billion dirhams, which is expected to create over 3,600 direct jobs and thousands of indirect employment opportunities.

She also reported that electricity generation capacity from renewable sources had reached 5,300 megawatts by the end of August, a 7.3% increase during the current government mandate, noting that wind power had, for the first time, overtaken hydroelectricity in terms of electricity production.

Renewable energy projects have contributed up to 1/5 of the national demand for electricity, noted the Minister, adding that during the government’s half-term in office, her department issued permits to private operators for a capacity exceeding 2 gigawatts, the largest capacity ever granted by the ministry.

Benali emphasized that the Ministry had carried out reforms to reduce the cost of electricity production through a number of competitive investments, adding that the cost of producing renewable energies, including batteries, today does not exceed 0.40 dirham per kilowatt-hour.

She also pointed out that the rate of investment in renewable energies had increased fivefold, from 3.5 million dirhams per year before 2021 to 15 million dirhams per year after 2023, noting that the value of planned investments amounts to 30 million dirhams, in addition to the investment in the 3-gigawatt electricity interconnection line between the south and center of the Kingdom.