Morocco has the potential to become an ideal location for a new strategic oil storage facility that will be used for securing the international oil market, Aziz Rabbah, Morocco's minister of energy, mines and environment, told Sputnik
ABU DHABI (Pakistan Point News / Sputnik - 11th November, 2019) Morocco has the potential to become an ideal location for a new strategic oil storage facility that will be used for securing the international oil market, Aziz Rabbah, Morocco's minister of energy, mines and environment, told Sputnik.
"This initiative is carried by all energy authorities, and international agencies are discussing it. I believe that this is a priority [in terms of] securing the international market � having a strategic storage [facility]. Certain states could be a very good platform for the storage, like Morocco � we have a strategic position," Rabbah said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference 2019 (ADIPEC 2019).
At the ministerial session of the conference earlier in the day, the minister said that Morocco needed such a facility in order to withstand the frequent instability in the oil market.
"As for our national market, we are very dependent as we import almost the entire amount of oil and gas that we need ... So every time there is a perturbation or a problem, our national market is impacted ... It's a constraint but also an opportunity ... We met with other energy ministers some time ago and we talked about what we called a strategic storage decentralized in the zones of better security," he said.
ADIPEC 2019 opened its doors on Monday and will last through Thursday. The exhibition has become one of the most important platforms for the oil and gas industry to do business and exchange information. It attracts energy ministers and CEOs of global energy companies from across the world.
