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Rabat – Morocco’s National Office of Hydrocarbons and Mines(ONHYM) will start a fundraising plan to generate part of the $25 billion needed for the Nigeria-Morocco gas pipeline.
Bloomberg reported the news, stating that this will be the first fundraising for ONHYM since it converted into a public limited company in February.
This gives the firm authority over the licensing and development of Morocco’s hydrocarbon and non-phosphate mineral resources.
The same source stated that the change in the firm’s status strengthens its capacity.
The company told Bloomberg that the change reinforces its capacity to structure partnerships in addition to mobilizing diversified funding and to support large-scale projects both in Morocco and internationally.
ONHYM, however, did not provide further details on the size and type of fundraising, according to Bloomberg.
The pipeline will reinforce energy sovereignty as well, leveraging EU-African energy security.
“As Europe is seeking to secure and diversify its gas supplies, the Nigeria-Morocco corridor represents a major opportunity to provide access to one of the largest still largely untapped gas reserves,” Bloomberg reported.
Earlier this month, ONHYM’s President Amina Benkhadra said Morocco and Nigeria will sign an intergovernmental agreement on the $25 billion planned gas pipeline this year.
She told Reuters that the African Gas pipeline, also known as the Nigeria-Morocco pipeline, will supply Morocco and support gas exports to Europe.
Morocco and Nigeria will establish a project company as a joint venture between ONHYM and Nigerian National Petroleum Company (NNPC) to supervise the financing and construction phase, as well as the implementation of the project, Benkhadra added.
The pipeline, described as a megaproject, aims to position Morocco as an energy bridge between Africa and Europe.
The pipeline will span over 13 countries along the Atlantic coast, benefiting 350 million inhabitants. The initial phases of the pipeline will connect Morocco to gas fields in Mauritania and Senegal, linking Ghana to Cote d’Ivoire.
