Moroccan cement company makes good on oil find
The recent announcement of a major find of oil deposits in the Moroccan eastern region of Talsint was good news for the Moroccan Cement Corporation (CIOR), which has been facing severe stagnation over the past few years.
The corporation's plant in the city of Oujda, 200 km north of Talsint, is already receiving new orders for cement for the construction of oil-related infrastructure in Talsint.
Cement sales are expected to jump by 55 per cent at CIOR as a result of the announcement, industry analysts said.
Corporation executives said the oil find in Talsint will compel them to go ahead with modernizing the company's management for better use of its human resources.
According to its 1999 annual report, the company's revenues were US$1.1 billion, compared to US$1.08 billion in 1998.
The company, which set up last year branches in three Moroccan towns, intends to carry on its expansion in view of the new economic situation in the Moroccan
Morocco announced recently the discovery of three oil and gas deposits in Talsint. The deposits were said contain up to 10 million barrels of oil and gas.
Drilling operations are being conducted in other areas in Morocco by US Lone Star energy. –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)