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OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
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OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria, said Moroccan authorities.

The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM) was signed Friday by Economy and Finance Minister Nadia Fettah, alongside OPEC Managing Director, Abdulhamid Al khalifa, and ONHYM Managing Director, Amina Benkhadra, the ministry said in a statement.

The study, ahead of the construction of the world’s longest offshore pipeline connecting Nigeria to Morocco, is co-funded by the Islamic Development Bank (IDB).

The study covers the documentation for the implementation of the Nigeria-Morocco Gas Pipeline (NMGP) project and in finalizing the related technical, financial and legal analyses.

The NMGP Strategic Project was initiated by King Mohammed VI and President Muhammadu Buhari and the related cooperation agreement was signed in May 2017.

The pipeline is part of efforts aimed at integrating and improving the competitiveness and economic and social development of the region.

It also aims to boost the regional economy through the promotion of economic development in North West Africa, the development of job-generating industries, the reduction of gas “flaring” and the use of reliable and sustainable energy.

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Saudi Arabia’s Non-Oil Industrial Sector Grows 5.3% in 2024

Saudi flags along a street in the capital, Riyadh (Reuters) 
Saudi flags along a street in the capital, Riyadh (Reuters) 
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Saudi Arabia’s Non-Oil Industrial Sector Grows 5.3% in 2024

Saudi flags along a street in the capital, Riyadh (Reuters) 
Saudi flags along a street in the capital, Riyadh (Reuters) 

Saudi Arabia’s non-oil industrial sector recorded a strong 5.3% growth in 2024, underlining the Kingdom’s ongoing progress in diversifying its economy in line with the Vision 2030 agenda. The latest figures from the General Authority for Statistics (GASTAT) reveal that this growth was largely driven by manufacturing, utilities, and infrastructure development.

Despite the robust performance of the non-oil sector, overall industrial production declined by 2.3% compared to 2023. This contraction was mainly due to a 5.2% drop in oil-related activities, following the Kingdom’s adherence to OPEC+ oil production cuts. As a result, mining and quarrying shrunk by 6.8%.

Manufacturing expanded by 4.7% year-on-year, with food production up 6.2% and chemical manufacturing, including refined petroleum products, rising by 2.8%. These gains reflect increasing industrial capacity and rising demand in both domestic and export markets.

Other areas of growth included utilities and public services. Electricity, gas, steam, and air conditioning activities grew by 3.5%, while water supply, sewage, and waste management services posted a 1.6% increase.

Minister of Economy and Planning Faisal Alibrahim recently stated that non-oil activities now account for 53% of the Kingdom’s real GDP, compared to significantly lower levels before the launch of Vision 2030. He also noted a 70% increase in private investment in non-oil sectors over the same period.

The Kingdom’s non-oil exports reached SAR 515 billion (approximately $137 billion) in 2024, marking a 13% rise over 2023 and a 113% increase since 2016. Export growth spanned petrochemical and non-petrochemical products, with merchandise exports alone totaling SAR 217 billion.

According to a recent World Bank report, Saudi Arabia’s economy grew by 1.8% in 2024, up from 0.3% in 2023. While oil-sector output fell 3%, the non-oil economy expanded by 3.7%, cushioning the broader economy from energy market volatility. The World Bank forecasts continued growth, projecting a 2.8% increase in 2025 and an average of 4.6% annually through 2026 and 2027.