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Economy

Morocco Fortifies Domestic Oil Transport Capabilities with New Korean-Built Tanker

Thursday 06 June 2024 - 09:20

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Morocco's ambitions in the petroleum sector continue to soar as the nation strengthens its domestic oil transport capabilities with the addition of a new South Korean-built tanker. Set for assembly at the Casablanca shipyard, this vessel marks a significant stride in Morocco's strategic vision for a robust oil distribution network.

The order for the tanker, placed by the Moroccan petroleum company Petrocab, follows the successful delivery of the "Challah", the nation's first South Korean-made oil tanker in late 2022. The partnership between Petrocab and South Korean shipbuilder Dae Sun Shipbuilding & Engineering has proven fruitful, paving the way for this latest acquisition.

Unlike the construction process for the "Challah," which was built entirely in South Korea before delivery, the new vessel will be assembled on Moroccan shores. This strategic move not only demonstrates Morocco's commitment to bolstering its domestic shipbuilding capabilities but also underscores the nation's determination to establish a self-sufficient oil transport infrastructure.

Upon completion, the new tanker will join Morocco's existing fleet of 15 commercial ships, bringing the total number of oil tankers to five. This expansion will increase the country's hydrocarbon transport capacity to over 30,000 tons, highlighting Morocco's unwavering pursuit of energy security and efficient fuel distribution across the kingdom.

The impact of these tankers is already being felt. The 9,000 deadweight tonnage (dwt) "Challah," valued at $20 million, is currently operational for several major oil companies in Morocco, including Vivo Energy Morocco (Shell), Libya Oil Morocco, and Total Morocco. Additionally, national entities such as Société Nationale des Produits Pétroliers (SNPP), Pétrole du Maghreb (Petrom), and Compagnie Marocaine d'hydrocarbure (CMH) hold stakes in Petrocab, further solidifying the company's position as a key player in Morocco's energy landscape.

Beyond its domestic ambitions, Petrocab's acquisition of the new tanker positions the company as a potential contributor to the upcoming Nador West Med port project. This ambitious undertaking, with a capacity of 3 million containers and 25 million tons of hydrocarbons, is poised to become a major hub for petroleum storage and distribution. Strategically located, the port is set to serve national fuel distributors while attracting international oil transporters, further cementing Morocco's role as a regional energy powerhouse.

As the new tanker takes shape in the Casablanca shipyard, it represents more than just an addition to Morocco's oil fleet. It symbolizes the nation's unwavering commitment to fostering domestic expertise, forging international partnerships, and establishing a resilient energy infrastructure that will propel the kingdom towards a prosperous and sustainable future.