Morocco’s King Places Railway Project at Top of Priorities

Moroccan King Mohammed VI (File Photo: Reuters)
Moroccan King Mohammed VI (File Photo: Reuters)
TT

Morocco’s King Places Railway Project at Top of Priorities

Moroccan King Mohammed VI (File Photo: Reuters)
Moroccan King Mohammed VI (File Photo: Reuters)

Morocco’s King Mohammed VI has brought back to the forefront the project to create an industrial railway system in Morocco, after three years of stalemate.

The King has publicly called on the competent government sectors, the Ministry of Equipment and Transport and the Ministry of Trade and Industry, to put this project at the top of priorities.

In a speech addressing the Moroccan people on the occasion of the 44th anniversary of the Green March, he said: “I invite the authorities concerned to give serious thought to the development of a rail link between Marrakech and Agadir, as a first step before extending it to the rest of the southern regions."

"We should also expand the road network, which I am seeking to further develop through the construction of the Agadir-Dakhla highway," he said.

The project of the Industrial Railway System dates back to 2015, when the National Railway Plan was developed in accordance with the directive announced by King Mohammed VI, in his speech on the occasion of the 40th anniversary of the Green March in November 2015.

The railway plan aims to increase the number of cities linked by train, from 23 to 43, by 2040, giving priority to the Marrakech-Agadir line, then Tiznit in the south, to the Mauritanian-Moroccan border.

The 2040 rail plan also proposes linking 12 Moroccan ports to the railway network instead of the current 6 ports, and linking 15 Moroccan airports instead of the one current airport, Mohammed V Airport.

The plan’s investment cost is estimated at 400 billion dirhams ($42 billion).



Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT

Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

OPEC+ MEETING

Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.