Morocco to invest $7 bln to upgrade manufacturing

FES, Morocco (Reuters) - Morocco unveiled a 62.4 billion dirhams investment plan to upgrade its key manufacturing business amid the global crisis and lure more foreign investment, government officials said.
The 2009-2015 plan, which commits the state to invest 12.4 billion dirhams and private sector to expand operations by investing 50 billion, focuses in six eight industries ranging from avionics parts to electronics, textile and agrobusiness.
"This plan gives a visibility about the future and underscores the willingness of the government to back the some sectors which could be affected by the crisis," Finance Minister Salaheddine Mezouar told a news conference late on Friday.
The plan details 111 measures to be taken by the government and private business during seven years ranging from easy access to the credit, tax incentives, vocational training to improve worker skills, cutting red tape and corruption as well as developing more free industry zones for foreign investors.
"This plan reflects our vision to look beyond the current the crisis to improve the economy's competitiveness and attractiveness," added Mezouar, who was among several ministers and top business leaders addressing reporters on the plan.
King Mohammed presided over the signing of the plan, officially called National Pact for Industrial Emergence, by ministers and top bankers and business leaders at his palace in Fes to highlight the significance of the scheme for the economy.
The manufacturing sectors, the government is seeking to boost, account for fourth of the country's $53 billion economy and almost half of exports and employ 1.2 million workers.
The government expects the manufacturing business to create
220,000 new jobs, add 50 billion dirhams to the country's gross domestic product and almost double manufacturing exports to 205 billion dirhams when the plan ends in 2015.

Ministers and business leaders insist the global crisis would not have a big impact on growth this year, expecting the economy to expand by 6 percent versus 5.8 percent last year.
"The plan aims at improving Morocco's offer for foreign investors. The plan looks beyond the global crisis and prepare Morocco to attract foreign investment when the global economy rebounds," said Ahmed Chami, the industry minister.
Rabat government cites local worker salaries, up to 10 times lower than average in Europe, and its closeness to European markets as its main advantages to attract foreign investors and grow exports.
It bets on free trade deals linking Morocco to the European Union and United States to make the North African country into a platform for trade investment.

Dana sets production record, plans US$347 million spend

ABERDEEN, SCOTLAND: Dana Petroleum Plc has achieved record average oil and gas production of approximately 39,400 BOE/d delivered in 2008, a 29 percent increase over 2007.
Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company's proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent.
The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded.
Dana's working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately GBP235 million (US$347 million) across existing fields and licenses.
Dana Chief Executive Tom Cross said, "Dana delivered record production in 2008 and also had an excellent year with the drillbit, adding record oil and gas reserves and replacing production by some 300 percent. The Group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt.
The company has a strong Balance Sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions."
Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco.
Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha.