The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria, said Moroccan authorities.
The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM) was signed Friday by Economy and Finance Minister Nadia Fettah, alongside OPEC Managing Director, Abdulhamid Al khalifa, and ONHYM Managing Director, Amina Benkhadra, the ministry said in a statement.
The study, ahead of the construction of the world’s longest offshore pipeline connecting Nigeria to Morocco, is co-funded by the Islamic Development Bank (IDB).
The study covers the documentation for the implementation of the Nigeria-Morocco Gas Pipeline (NMGP) project and in finalizing the related technical, financial and legal analyses.
The NMGP Strategic Project was initiated by King Mohammed VI and President Muhammadu Buhari and the related cooperation agreement was signed in May 2017.
The pipeline is part of efforts aimed at integrating and improving the competitiveness and economic and social development of the region.
It also aims to boost the regional economy through the promotion of economic development in North West Africa, the development of job-generating industries, the reduction of gas “flaring” and the use of reliable and sustainable energy.