Morocco starts first fundraising for $25bn gas pipeline
Morocco’s hydrocarbons and mining agency has reportedly started a fundraising round for a proposed $25 billion pipeline to send gas from North Africa to Europe.
This will be the first funding initiative by the Office National Des Hydrocarbures & Des Mines after it converted into a public limited company in February, Bloomberg reported.
The agency oversees the licensing and development of Morocco’s hydrocarbon and non-phosphate mineral resources.
Morocco has been working since 2018 to build a 6,900-km gas pipeline, consisting of onshore and offshore components linking deposits in Nigeria, Senegal and Mauritania to 10 neighbouring African countries.
The conduit is likely to link with the existing Maghreb-Europe gas pipeline, which connects Morocco to Spain, the report said.
No details were given on the size and timing of the fundraising.
Morocco and Nigeria agreed in April last year to create a joint venture to manage the latest gas pipeline.
The pipeline will transport nearly 30 billion cubic metres of natural gas per year to Morocco and then to Europe.
Further reading:
- Morocco tourism jumps as World Cup approaches
- Morocco gets $316m loan for airport upgrades
- Morocco’s budget deficit soars 40%
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