Stellantis adds to Morocco portfolio

Stellantis expands Morocco footprint

Global automaker Stellantis launched a vehicle scrapping plant in Morocco, adding to its expanding portfolio in the country and the larger Maghreb region. The new plant will have a dismantling capacity of 10k vehicles, and will target vehicles approaching the end of their lifecycle in West Africa and Morocco.

Background: The world’s fifth-largest automaker by output is expanding its dismantling operations globally amid tightening global raw materials supplies — with the new Morocco plant being its third after setting up shop in Brazil and Italy. Stellantis already operates an ever-expanding manufacturing complex in Morocco’s Kenitra that specializes in compact cars, spanning the Peugeot, Fiat, Citroën, and Opel brands.

Eagle Hills eyes USD 50 bn in Syria projects

Abu Dhabi-based real estate developer Eagle Hills is studying two mega real estate projects in Syria worth a combined USD 50 bn, Annahar reports. The proposed multi-use developments in Damascus and Latakia could span a combined 48 mn sqm, 102k residential units, and some 6k hotel rooms. We have not independently verified the Annahar report.

Egypt’s westward turn for crude continues

Algeria could soon provide Egypt with crude shipments after Algeria’s state oil company Sonatrach and the Egyptian General Petroleum Corporation signed an MoU. This comes after Egypt secured a supply pact with Libya for some 1-1.2 mn barrels per month, about 3% of Libya’s output, our Egypt desk previously reported. The westward turn comes as the country looks to diversify its supply mix of light crude that it uses in its Amreya refineries after Hormuz disruptions cut off supplies from Kuwait.

Frack this

Adnoc is preparing to hit the gas on unconventional oil and gas in the wake of its exit from Opec. The oil giant plans to make a ‌final investment decision this year on its unconventional gas project with TotalEnergies, and to approve another unconventional oil project soon after, Adnoc Upstream CEO Musabbeh Al Kaabi said. The project, in pilot production for over a year, is located in Diyab and could take about 40 years to develop and produce. Total operates the exploration phase of the concession with a 40% interest, while Adnoc holds the remaining 60% stake.

Why now? It fits with the originally intended timeline, but it also comes as the UAE looks to become an independent swing producer following its Opec exit, prioritizing market share and resource monetization over the price-maintenance strategies favored by its former Opec peers.

Algeria’s economy is roaring

Algeria’s economy is set to grow at an 11% clip this year, according to our calculations of IMF data. This comes as the country captures the tailwinds of surging energy prices caused by disruptions that halted oil and gas flows from GCC countries — which are now looking at GDP slowdowns, as well as contractions in the case of Qatar and Kuwait.