Russia’s VEB concludes deal to build an oil refinery in Morocco

The main development institute in Russia VEB signed an agreement, Wednesday, with Morocco to build a 2 billion euro oil refinery in the North African Kingdom, MAP news agency reported.

This deal was agreed on during the Russia-Africa summit, Moscow’s first Africa-focused meeting. The oil refinery will be built in northern Morocco and will have an «initial refining capacity of 100,000 barrels per day (bpd), with an eventual target of 200,000 bpd», wrote Reuters.

The agreement was signed by Morocco’s MYA Energy and Russia’s VEB, a statement revealed.

Morocco has one oil refinery called Samir, which was closed in 2015 over unpaid taxes and debt. The Kingdom relies mainly on importing energy.