Morocco has officially transitioned the National Office of Hydrocarbons and Mines (ONHYM) into a joint-stock company, a significant legal and structural metamorphosis formalised by a royal decree published in the Official Gazette. This strategic move, reported by Médias24, marks a pivotal moment for the state-owned entity, unlocking new avenues for financial engagement and operational expansion.
The newly established ONHYM-SA commences operations with its initial share capital fully retained by the state, though the precise amount has not been publicly disclosed. This transformation, the culmination of a process initiated approximately a year ago, empowers the company to establish subsidiaries, access a broader spectrum of financial instruments previously beyond its reach—including venture capital, structured borrowing, and capital raising initiatives—and crucially, to engage in international operations for the first time.
Energy Transition Minister Leila Benali underscored the broader implications of this reform, stating that “This transformation officially launches the broader reform of the public sector.” She clarified that the restructuring does not constitute a privatisation, but rather a strategic recalibration to enhance efficiency and financial flexibility. The government further intends to gradually open the company’s capital to private investors, while ensuring the state retains majority voting rights.
This reform is intrinsically linked to the ambitious Africa-Atlantic gas pipeline project, a 6,900-kilometer initiative designed to connect Nigeria to Morocco via 13 African nations. The estimated $25 billion project necessitates the formation of a dedicated project company, to be jointly established with Nigeria’s NNPC Limited. According to statements by ONHYM Chief Executive Amina Benkhadra, cited by Reuters, the formal signing of the intergovernmental agreement and the final investment decision are anticipated within the current year. The pipeline’s route will be segmented into three distinct sections to streamline logistics and financing.
While a Bloomberg report in April 2026 indicated ONHYM was preparing its inaugural capital raising post-conversion, a source at ONHYM clarified to Médias24 that such fundraising activities would be undertaken by the dedicated project company rather than ONHYM directly. The specifics regarding the size, structure, and timing of this initial fundraising remain to be determined.
Beyond the immediate impetus of the gas pipeline, ONHYM’s conversion is the vanguard of a wider initiative encompassing approximately 50 Moroccan public entities slated to adopt joint-stock company status. Minister Benali articulated to Parliament that the overarching objective is to foster improved governance, elevate performance metrics, and diversify funding streams across Morocco’s state-owned commercial enterprises, a move poised to resonate with investors and legal counsel seeking to navigate evolving corporate structures in the region.
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