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Morocco boosts Georgian oil purchases, joins top importers
🇲🇦 Morocco /Economy & Trade

Morocco boosts Georgian oil purchases, joins top importers

From Hespress · (2d ago) Arabic

Translated from Arabic, summarized and contextualized by DistantNews.

TLDR

  • Morocco has significantly increased its imports of Georgian oil products, becoming a major buyer.
  • Georgia exported over $20.7 million in oil products to Morocco in the first quarter, while Georgian imports from Morocco were minimal.
  • This trade increase coincides with Georgia's efforts to boost its oil derivative exports, particularly diesel and gasoil, following the operation of a new refinery.

Morocco's burgeoning economic ties with Georgia are highlighted by its substantial increase in oil product imports, positioning the Kingdom as a key player in Georgia's export market. Hespress, a Moroccan news outlet, reports on this development, emphasizing Morocco's strategic move to secure energy resources.

The market of the European Union is currently closed to products made from Russian oil, and therefore, using alternative raw materials will remove this restriction.

— David PirtskhelashviliCo-founder and General Director of 'Black Sea Petroleum', explaining the strategic advantage of the refinery's output for export markets.

The data from Georgia's statistics department reveals that Morocco imported over $20.7 million worth of oil products from Georgia in the first three months of the year. This figure starkly contrasts with Georgia's own imports from Morocco, which barely exceeded $277,000. This imbalance underscores Morocco's growing demand and Georgia's capacity to supply.

The article details Georgia's export performance, with oil derivatives outperforming raw materials and metals. Morocco's significant purchases placed it third among Georgia's oil derivative importers in March, following China and Turkey. This surge in Georgian oil exports is attributed to the operationalization of a refinery in "Kulevi," which processes Russian crude oil. The refinery's output, primarily high-sulfur diesel and gasoil, is finding new markets as the European Union's market is restricted for products derived from Russian oil.

We are committed to raising the level of cooperation and partnership between the two countries to the highest levels.

— Alexander ChkheidzeGeorgian Ambassador to Morocco, during the presentation of his credentials, signaling a desire for enhanced bilateral relations.

This economic engagement between Morocco and Georgia is framed within a broader context of strengthening bilateral relations. The article notes recent diplomatic exchanges, including the presentation of credentials by Georgia's ambassador to Morocco and a congratulatory message from King Mohammed VI to the Georgian President. Georgia, seeking to bolster its political and trade ties, particularly with influential African nations like Morocco, views this partnership as crucial, especially amid strained relations with Washington and the EU. From a Moroccan perspective, this burgeoning trade relationship signifies a proactive approach to diversifying economic partnerships and securing vital resources, aligning with the nation's strategic foreign policy objectives.

There is a mutual desire to develop these relations to reach the level of aspirations of the Moroccan and Georgian peoples.

— King Mohammed VIIn a congratulatory message to the Georgian President, expressing Morocco's commitment to strengthening ties with Georgia.
DistantNews Editorial

Originally published by Hespress in Arabic. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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