Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
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Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)

Morocco will open a new deepwater Mediterranean port next year and another on the Atlantic in 2028, Equipment and Water minister Nizar Baraka said, as the North African country aims to replicate the success of Africa's largest port, Tanger Med.

Nador West Med, under construction on the Mediterranean, is scheduled to be operational in the second half of 2026, Baraka told Reuters in an interview.

It will offer 800 hectares for industrial activity, with plans to expand to 5,000 hectares, surpassing Tanger Med's industrial zones, he said.

The port will also host Morocco's first liquefied natural gas (LNG) terminal - a floating storage and regasification unit (FSRU) - linked by a pipeline to industrial hubs in the northwest, as Morocco pushes investments in natural gas and renewable energy to reduce dependence on coal.

Further south on the Atlantic coast, Morocco is building a $1 billion port in Dakhla, in the disputed Western Sahara region.

The facility will be surrounded by 1,600 hectares for industrial activities and 5,200 hectares for farmland irrigated by desalinated water, Baraka said.

"The port will be ready in 2028 and will be Morocco's deepest at 23 meters," Baraka said. Such depth would support heavy industries focused on processing raw materials from Sahel countries, he said.

Officials have marketed Dakhla as a gateway for landlocked Sahel nations to global trade.

Both Nador and Dakhla ports will include quays dedicated to exporting green hydrogen once production begins, Baraka said.

Nador and Dakhla would be Morocco's third and fourth deepwater ports after Tanger Med and Jorf Lasfar, an energy, bulk cargo and phosphates exports port on the Atlantic.

By 2024, industrial zones near Tanger Med hosted 1,400 firms employing 130,000 people across sectors including automotive, aeronautics, textiles, agri-food and renewable energy, official figures show.

Morocco is also considering building a port in Tan-Tan on the Atlantic in partnership with green hydrogen investors, Baraka said. "We are conducting studies to decide the appropriate size of the port," Baraka said.



Oil Prices Up 1% as Iran Crisis Disrupts Middle East Supply

A woman fills up her car at a gas station in Seoul, South Korea, March 4, 2026. REUTERS/Kim Hong-Ji
A woman fills up her car at a gas station in Seoul, South Korea, March 4, 2026. REUTERS/Kim Hong-Ji
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Oil Prices Up 1% as Iran Crisis Disrupts Middle East Supply

A woman fills up her car at a gas station in Seoul, South Korea, March 4, 2026. REUTERS/Kim Hong-Ji
A woman fills up her car at a gas station in Seoul, South Korea, March 4, 2026. REUTERS/Kim Hong-Ji

Oil prices rose about 1% on Wednesday as US-Israeli strikes on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the US Navy could escort vessels through the Strait of Hormuz.

Brent rose 91 cents, or 1.1%, to $82.31 a barrel by 1015 GMT, after closing on Tuesday at its highest since January 2025, Reuters reported.

US West Texas Intermediate crude rose 63 cents, or 0.8%, to $75.19, after settling at its highest since June.

"The primary near-term driver for oil prices remains the US-Iran conflict," said ⁠OANDA senior market ⁠analyst Kelvin Wong.

"At this stage, only clear signs of de-escalation could mitigate or reverse the current bullish trend for WTI, and such signals are currently lacking."

Israeli and US forces struck targets across Iran on Tuesday, prompting Iranian strikes against energy infrastructure in a region that accounts for just under a third of global oil production.

Iraq, the second-largest crude producer in the ⁠Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half its production, due to storage limits and the lack of an export route, officials told Reuters.

They said the country may have to shut nearly 3 million bpd of output within days if exports do not resume.

Iran has also targeted tankers in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas flow. Traffic through the Strait remains effectively closed.

Trump said the US Navy could begin escorting oil tankers through the Strait if necessary, ⁠adding that he ⁠had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.

"While oil prices declined on the headline, we think the insurance proposal is likely in a concepts-of-a-plan stage and question whether there has been sufficient coordination with the multiple international tanker insurers," RBC analyst Helima Croft said.

Countries and companies have begun seeking alternative routes and supplies.

India and Indonesia said they were looking for other energy supplies, while some Chinese refineries were shutting or moving up maintenance plans.

In the United States, crude stocks rose by 5.6 million barrels last week, according to market sources citing American Petroleum Institute figures, well above the 2.3 million projected by analysts.


COSCO Shipping Suspends Bookings on its Middle East Routes

Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
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COSCO Shipping Suspends Bookings on its Middle East Routes

Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)
Containers of China Shipping and Cosco shipping companies are stacked at a transshipment station in Frankfurt am Main, western Germany, on April 15, 2025. (Photo by Kirill KUDRYAVTSEV / AFP)

Chinese shipping and logistics conglomerate COSCO Shipping's container liner unit said on Wednesday it had suspended all new bookings for routes to and from ports in the Middle ⁠East region, including ⁠those in the United Arab Emirates and Saudi Arabia.

The move was due to ⁠escalating conflict in the region and traffic restrictions in the Strait of Hormuz, COSCO Shipping Lines said in a statement.

Bookings for routes to and from Bahrain, Iraq and ⁠Kuwait have ⁠also been suspended, it added.

The company said it was evaluating follow-up disposal plans, including possible alternative unloading ports, for goods currently on board.


France Says Planning G7 Finance Meeting on Middle East

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends a debate before votes on two no-confidence motions against the French government following the adoption of a new energy law through decree, at the National Assembly in Paris, France, February 25, 2026. (Reuters)
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends a debate before votes on two no-confidence motions against the French government following the adoption of a new energy law through decree, at the National Assembly in Paris, France, February 25, 2026. (Reuters)
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France Says Planning G7 Finance Meeting on Middle East

French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends a debate before votes on two no-confidence motions against the French government following the adoption of a new energy law through decree, at the National Assembly in Paris, France, February 25, 2026. (Reuters)
French Minister for Economy, Finance, and Industrial, Energy and Digital Sovereignty Roland Lescure attends a debate before votes on two no-confidence motions against the French government following the adoption of a new energy law through decree, at the National Assembly in Paris, France, February 25, 2026. (Reuters)

France is planning a meeting of G7 finance ministers on the Middle East crisis, with central bankers also in attendance, the country's Economy and Finance Minister, Roland Lescure, said on Wednesday.

"I have spoken with various counterparts, in particular Scott Bessent, who is the US Treasury Secretary. And we agreed to hold a meeting which will place at the beginning of next week," he told Franceinfo radio.

"We want to let a week go by to see how the conflict develops, how the markets evolve. We'll have the finance ministers and the central bank governors there as well."

France currently holds the rotating presidency of the Group of Seven advanced economies, which also includes Canada, Germany, Italy, Japan, the United Kingdom and the United States.

A first meeting of finance ministers under the French presidency was held on January 27.

Lescure said next week's meeting was expected to be an exchange of views.

"We're going to listen to what is coming up from the ground, from businesses, from economists in these different parts of the world," he added.

"The idea is to be able to discuss the state of the situation, so that we can assess any responses that might be needed, if we have to act.

"In a conflict which is currently a local conflict in one region but has global repercussions, it is obviously essential that we coordinate."

The war in the Middle East, sparked by the US-Israeli bombing of Iran on Saturday, has in recent days led to a sharp fall in stock markets, particularly in Europe and Asia.

Since the start of the week, France's benchmark CAC40 index has lost more than five percent. Its German equivalent, the Dax, has fallen by nearly six percent, while London's FTSE 100 has dropped nearly four percent.

Investors are concerned about the sharp rise in hydrocarbon prices due to disruptions to supplies through the Strait of Hormuz, which handles some 20 percent of the seaborne world's oil and liquefied natural gas.