Morocco is reportedly all set to launch tenders for a natural gas project worth US$4.6 billion, according to the country’s Energy Minister, Aziz Rabbah. For a country, which depends on imports for most of its energy needs, the tenders would facilitate in power generation and provide gas to the industry.
Rabbah added that the tender would enable building the plant by a group of chosen financial and technical consultants. He added that an integrated plant would be built to process gas.
It is noted that Morocco has around 1.44 billion cubic meters of natural gas, according to the CIA World Factbook, and in the context of the gas market, there are hopes that it could become an international player. And, investors are upbeat with numerous gas discoveries in Eastern Morocco made by Sound Energy recently. The company reiterates that the country would be a key player in the global gas map by 2019. Also, the United States has displayed interest in supplying natural gas to the North African Kingdom under the FTA accord that was signed by the two countries. Meanwhile, the Russians are also interested in the gas projects in Morocco, especially the LG terminal in Jorf Lasfar and the Moroccan-Nigerian gas pipeline.
According to a World Bank report in 2015, Morocco imported nearly 97% of its energy. And, the country is attempting to reduce its dependence on fossil fuels that are imported and has plans to generate around 42% of its energy from renewables by 2020. Rabbah has also said that they might surpass the target due to massive investments. The government is reportedly waiting for a court decision on the bankrupt Samir plant, Morocco’s future oil refinery. It has been reported that the court has granted a 3-month extension to allow the court-appointed liquidator to find a buyer.