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Morocco Signs $1 Bln MoU with Afreximbank

Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
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Morocco Signs $1 Bln MoU with Afreximbank

Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)

Morocco and the African Export-Import Bank (Afreximbank) signed Saturday in Marrakech a billion-dollar Memorandum of Understanding to consolidate and promote cooperation relations between the two parties in various fields.

The MoU was signed by the Minister of Economy and Finance, Nadia Fettah, and Afreximbank President, Benedict Oramah, on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund.

The memorandum outlines the priority areas of cooperation between the institution and its Moroccan partners, focusing on financing and promoting intra- and extra-African trade, project financing, and technical assistance.

Fettah welcomed the signing of this MoU, marking a significant step in consolidating cooperation relations between Morocco and Afreximbank. It reaffirms the Kingdom's commitment to Africa's development in line with King Mohammed VI's vision of promoting cooperation.

For his part, Oramah noted that the MoU aims to support the Moroccan government in its efforts to promote trade and investment in Africa and worldwide.

This agreement is part of the ongoing efforts to strengthen cooperation between the two parties to increase the institution's support in the future.

The organization of the Annual Meetings of the WB and the IMF is allowing Morocco to have an even more prominent role on the international arena, according to Antoine Sallé de Chou, Director of the European Bank for Reconstruction and Development (EBRD) for Morocco.

After praising this "excellent initiative, which marks the return of the Annual Meetings to the African continent after 50 years," the EBRD official emphasized that this economic and financial gathering is an opportunity for the Kingdom to "demonstrate its ability to organize events of international stature."

Furthermore, Executive Vice President of the African Center for Economic Transformation Mavis Owusu-Gyamfi said on Saturday in Marrakech that the global economy is hinged on putting the African continent on track.

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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)

Saudi Aramco, one of the world's leading integrated energy and chemicals companies, and Sempra, one of North America's leading energy infrastructure companies, announced on Wednesday that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project.

The HoA further contemplates Aramco's 25% participation in the project-level equity of Phase 2.

The parties expect to execute a binding LNG SPA and definitive equity agreements with terms substantially equivalent to those in the HoA, with the SPA and equity agreements subject to several conditions.

“We are excited to take this next step into the LNG sector,” said Aramco upstream president Nasir Al-Naimi. “As a potential strategic partner in the Port Arthur LNG Phase 2 project, Aramco is well-placed to grow its gas portfolio with the aim of meeting the world's growing need for lower-carbon sources of energy. This agreement is a major step in Aramco's strategy to become a leading global LNG player.”

Sempra chairman and chief executive Jeffrey Martin said: "The planned expansion of Port Arthur LNG would help facilitate the broad distribution of US natural gas across global energy markets. By expanding the Port Arthur LNG facility's global reach, we can improve energy security while providing a lower-carbon alternative to coal for electricity production."

Port Arthur LNG is a natural gas liquefaction and export terminal in southeast Texas with direct access to the Gulf of Mexico. The Port Arthur LNG Phase 1 project is currently under construction and consists of trains 1 and 2, as well as two LNG storage tanks and associated facilities.

The Port Arthur LNG Phase 2 project is a competitively positioned expansion of the site to include the addition of up to two trains capable of producing up to 13 million tons yearly.

At the heart of Sempra Infrastructure's flagship Port Arthur Energy Hub, Port Arthur LNG has the potential to expand to a total of eight trains, which would position it as one of the world's most significant LNG export facilities. The facility is expected to play an important role in enhancing global energy security and resilience.

Moreover, Sempra Infrastructure is actively advancing infrastructure projects within the Port Arthur Energy Hub, addressing the rising demand for lower-carbon fuels and reducing carbon intensity. This includes the proposed Titan Carbon Sequestration project.