VOL. XXXIX

No. 37

10-June-1996

MOROCCO

Morocco Sells Stake In Gas Storage Company To Consortium

Morocco's Ministry of Privatization announced on 31 May that the government had sold its 56% stake in Societe Marocaine de Stockage (SOMAS), a gas storage company, to a consortium of eight companies comprising six Moroccan firms plus Shell and Total. The consortium paid MD78.4mn ($9mn) for 56% of SOMAS and agreed to invest MD162mn ($19mn) over the next eight years in an expansion program that...