Rabat - Spanish multinational oil and gas company CEPSA has chosen Morocco as a preferred destination to expand its presence.
Rabat – Spanish multinational oil and gas company CEPSA has chosen Morocco as a preferred destination to expand its presence.
The company aims to expand in northern Morocco because it represents for CEPSA a “preferred market for expansion due to its proximity to our refineries on the south coast of Spain.”
The company expressed its interest in a prospectus published on October 2.
According to the document, CEPSA’s presence in Morocco is limited to one joint venture, Petrosud. CEPSA holds a 35% stake in Petrosud, “which is focused on the marketing of marine oil at the port of Agadir.”
CEPSA notes, “The project has a storage facility with a capacity of 10,000 m3, as well as a license for the operation of ten service stations in Morocco, which are managed by our joint venture partner, Afriquia.”
The company said that it aims to develop an “integrated downstream business in the north of Morocco.”
CEPSA wants to focus on retail, business to business sales, and storage.
“In July 2018, we established a 50/50 joint venture with a local partner to commence the development of our business in Morocco, with the objective of opening 30 points of sale by 2020, 100 points of sale by 2023 and a 15% market share in the medium-term (by number of service stations),” the prospectus says.
An expert in fuel retail, the company wants to increase fuel volume sales to 4 percent in the medium-term. It also wants to increase the number of service stations to 1,940 stations in Europe, the Canary Islands, and Morocco.