Your Oil and Gas
SDX Energy reported income of US$26.9 million for the first quarter of the year, although this was largely based on its acquisition of Circle Oil’s Egyptian and Moroccan businesses, which provided a US$29.5 million gain.
Netbacks from production for the period, meanwhile, were US$6.1 million, generating US$3.1 million of net cash. (more…)
Written by Rita Brown
UK based Sound Energy this morning doubled its estimates for first phase volumes from its Moroccan play.
It comes after it completed the drilling of its third well at Tendrara in Eastern Morocco, TE-8, achieving Target Depth at 3,120 metres.
Chief executive James Parsons said: “I am delighted to confirm our third well in Eastern Morocco as the definitive Paleozoic play opener with thick (more…)
by Samia Errazzouki
The first Islamic bank in Morocco, Umnia Bank, has opened its doors five months after the country’s central bank approved requests to open Islamic financial institutions.
Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia board, a body of Islamic scholars, to oversee the sector. (more…)
By Julia Payne
U.S. private equity firm Carlyle Group is suing a group of its insurers over $400 million worth of oil it claims it lost when Morocco’s sole refinery went bankrupt two years ago, court documents show.
Carlyle claims in a suit filed in the United States District Court for the Southern District of New York that insurance underwriters led by Mitsui Sumitomo Insurance Underwriting (now known as MS Amlin) have reneged (more…)
Panama authorities have released a Moroccan phosphate shipment from the disputed Western Sahara territory after it was temporarily held by a legal challenge from the Polisario independence movement, officials said on Monday.
The vessel was held on May 18 and is the second tanker carrying phosphate cargo from Moroccan exporter OCP stopped this month by a Polisario challenge. Polisario claims the cargo was transported illegally, a (more…)
Construction companies from China and Morocco will set up a joint venture to build Africa’s tallest skyscraper in Morocco’s capital Rabat, local media reported on Saturday.
The joint venture will be set up by China Railway Construction Corp and Morocco’s leading construction company Travaux Generaux de Construction de Casablanca, which won the bid for the project. (more…)
by Ali Haidar
The Sahara issue continues to poison relations between Algeria and Morocco, to the extent that an Algerian official has physically assaulted a Moroccan diplomat during a meeting of a UN body held Thursday (May 18) in St. Lucia.
Soufiane Mimouni, Director General of the Algerian Ministry of Foreign Affairs, assaulted the Deputy Chief of Morocco’s Mission in Saint Lucia who was hospitalized for medical treatment. The incident dismayed the (more…)
Fathallah El Ouarrak, the Inspector General of Morocco’s army held here on Thursday talks with United States Marine Corps General Thomas D. Waldhauser, Commander of the United States Africa Command.
They two generals examined the various aspects of military cooperation between the two countries as well as the perspectives of its development, the Moroccan Royal Armed Forces (FAR) said in a statement. (more…)