Morocco’s parliament has approved a law changing the national office of hydrocarbons and mines (ONHYM) into a joint-stock company. The vote on Tuesday saw 82 in favour and 36 against.
Minister of Energy Transition and Sustainable Development Leila Benali said the change will give ONHYM more capacity to compete, improve efficiency, and access broader financial resources. She said she will also strengthen the office’s role across the hydrocarbon and mining value chain, with clear governance and accountability.
The reform includes plans to gradually open ONHYM’s capital to private investors, but the state will remain the main shareholder. Benali said this balances attracting investment with keeping public control over strategic resources.
The chance comes as Morocco continues to bring its public enterprises up to date. ONHYM will now operate under the governance rules aligned with national legislation for state-owned companies and be overseen by the National Agency for the Strategic Management of State Participations.
Under the law, ONHYM can set up subsidiaries, invest in other companies, and manage exploration activities through mining authorisations. All assets and obligations of the old office will transfer to the new company.
Governing party lawmakers said the reform responds to international energy trends, including growing interest in hydrocarbons and natural hydrogen. Opposition members said the law is only a step, adding that success depends on how it is executed, not just the legal structure.
