ALGIERS – The Frente POLISARIO welcomed the announcement of the withdrawal of the British company New Age (African Global Energy) from its exploration activities for oil and gas launched in 2014, following a license granted by the Moroccan occupation authorities, in order to exploit the Foum Ognit oil block, in the occupied city of El Aaiún.
The Algerian News Agency, quoting reports from international agencies, stated that the “New Age” company vetoed the projects carried out by Morocco on the coasts of Western Sahara. On December 23, the company presented the documents of dissolution of its Moroccan subsidiary at the office of the Commercial Court in Casablanca. The branch was formed in 2014, when the group obtained four permits to explore in the Foum Ognit block, located opposite the occupied city of El Aaiún, in Western Sahara.
The British company owns a 56.25% stake, while the Moroccan Office of Hydrocarbons and Mines, which signed the contract with the company, owns 25%, while Glencore (the Swiss mining and commercial giant) owns 18, 75%.
The dissolution of the Moroccan branch of “New Age” is part of the “Great Cleanup” operation launched by the British oil company in its portfolio of projects.
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