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(Bloomberg) — Morocco’s state-controlled natural resources company plans to start raising part of the $25 billion needed to build a pipeline that will link gas fields in West Africa to the Mediterranean coastline.
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The fundraising will be the first by the Office National Des Hydrocarbures & Des Mines, or ONHYM, since it converted into a public limited company in February. The firm has exclusive authority over the licensing and development of the North African kingdom’s hydrocarbon and non-phosphate mineral resources.
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ONHYM’s main project since 2018 has been the development of a 4,300-mile (6,900-kilometer) gas pipeline comprising onshore and offshore components and linking deposits in Nigeria, Senegal and Mauritania to 10 neighboring African countries including Morocco. The structure is slated to link to the existing Maghreb-Europe Gas Pipeline that connects Morocco to Spain.
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The change in ONHYM’s statutes strengthens its “capacity to structure partnerships, mobilize diversified funding and support large-scale projects both in Morocco and internationally,” the company said in an emailed response to questions. It didn’t provide details on the size, timing of type of fundraising that’s planned.
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Algeria has been pushing to develop a rival project across the Sahara Desert to connect Nigerian gas fields to its Europe-bound pipeline while crossing fewer African nations. ONHYM says its pipeline network will boost electricification and access to energy for more countries in the continent.
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ONHYM’s project aims to become “a structuring step for Euro-African energy security,” it said. “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.”
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Morroco’s gas-transport company OMCO said last week a formal inter-governmental agreement and final investment decision for the pipeline are expected to be concluded this year.
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