The House of Representatives adopted by majority on Tuesday in Rabat the bill No. 56.24 for the transformation of the National Office of Hydrocarbons and Mines (ONHYM) into a joint-stock company. This vote marks a major institutional step in the evolution of governance within Morocco’s energy and mining sectors.
Presented and defended by the Minister of Energy Transition and Sustainable Development, Leïla Benali, the legislation aims to provide ONHYM with a legal framework that is better suited to current demands for competitiveness, performance, and financing. The stated goal is to strengthen the strategic positioning of the Office in the face of international competition while improving its governance and expanding its intervention capabilities.
A Structural Reform with Economic and Strategic Stakes
This transformation, the first significant institutional reform concerning ONHYM since 2020, involves shifting from a public establishment to a joint-stock company, with a progressive opening of capital to the private sector, while keeping the State as the main investor. The bill emphasizes the enhancement of the Office’s assets, the development of its resources, and the diversification of its funding sources to support a broader and more agile project portfolio.
The new framework will also allow ONHYM to create subsidiaries, take stakes in public or private companies, and strengthen its position in the hydrocarbon and mining value chain. For the government, this evolution is essential to accompany the rapid changes in the energy sector, characterized by the energy transition, the volatility of international markets, and the rising issues of sovereignty.
Majority and Opposition Facing the Project
From the perspective of the parliamentary majority, the adoption of the text is seen as a strategic lever to support the national energy transition, enhance Morocco’s attractiveness for investments in hydrocarbons, natural gas, and new energies, and strengthen ONHYM’s contribution to economic growth.
Opposition groups, while acknowledging the need to modernize the Office, have stressed the importance of preserving the strategic sovereignty of the State in this sensitive sector. They also called for ensuring ONHYM’s financial and operational independence, so that its transformation into a joint-stock company does not lead to a weakening of public control over national resources.
An ONHYM Expected to Become a Growth Engine
Through this reform, ONHYM is called to play a more pronounced role as a structuring economic actor, capable of attracting partnerships, mobilizing funding, and integrating into the major international dynamics of the energy sector. The transformation into a joint-stock company is presented as a tool aimed at enhancing efficiency, transparency, and performance, in a context where energy choices are crucial for the country’s economic and strategic future.
With this parliamentary green light, the restructuring of ONHYM now enters a decisive phase, the concrete implementation of which will be closely monitored by both institutional players and national and international investors.