Morocco transforms state oil and mining giant into public company
Morocco has officially converted the National Office of Hydrocarbons and Mines (ONHYM) into a public limited company, m…
Morocco has officially converted the National Office of Hydrocarbons and Mines (ONHYM) into a public limited company, marking the first major step in a sweeping reform of state-owned enterprises.
A royal decree published in the Official Gazette confirms the transformation, which allows ONHYM to create subsidiaries and access new financial instruments including venture capital, structured loans, and fundraising. The company can now operate outside Moroccan territory for the first time.
The state retains majority voting rights, with gradual private sector participation planned. Energy Transition Minister Leila Benali stressed the move « does not constitute privatisation. »
The reform is closely tied to the ambitious Africa-Atlantic Gas Pipeline project a 6,900-kilometre corridor connecting Nigeria to Morocco across 13 African countries.
The $25 billion megaproject requires a dedicated joint company with Nigeria’s NNPC Limited, with final investment decisions expected this year.
ONHYM is the first of roughly 50 public institutions slated to adopt similar status as Morocco pursues broader governance and financing reforms across its state-owned sector.
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