Making Morocco Great Again8 Nov 2024 08:49
At the expense of others.......For those with a long enough memory / strong enough stomach you might recall how across the years SOU (i.e. SOU shareholders, not management, not 'the company' but ultimately SOU shareholders) has paid for various local improvements and infrastructure. I recall contributions in the 2016-18 period to local schooling for example as part of the Tendrara licence, and now SOU SHs have funded an 8km access road and all the Phase 1 LNG infreastructure. To date SOU SHs, whose pockets have/will ultimately pay for all of this local investment have not a single penny to show by way of returns and not a single sign from the local Moroccan partners / government etc that they are supportive or greasing the wheels on this FID. This licence has and will continue to be blackhole for foreign (primarily UK) retail investors, a one way street, a lopsided relationship where Morocco take zero risk, spend zero money and outsiders take it all and get nothing in return - as demonstrated by the truly awful Managem terms / farm out of all but 20% of the licence. This is merely the Moroccans keeping it local and fking over outsiders. Say it as you see it, it's just another form of zenophobia and dare I say racism wrapped up in a spiders web of commercial relationships and agreements and processes to mask what is truly going on here. There is no plausible explanation as to why these CPs and agreements (GSA amendments, licenece changes etc, whole Phase 2 FID process) has taken so many years. If something doesn't smell right, it's almost certainly rotten, as in this case. What have the Moroccans ever done for us I hear some of you SHs wonder.....FA is the answer.
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