OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
TT
20

OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)
The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria. (Reuters)

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.



Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
TT
20

Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday, as Moscow seeks stronger ties with the world's biggest energy consumer.

Russia, the holder of world's largest gas reserves, has diverted oil supplies from Europe to India and China since the start of the conflict in Ukraine in February 2022, Reuters said.

At the same time, Russia's diversification of pipeline natural gas from the European Union has been slow.

It started gas exports to China via the Power of Siberia pipeline in the end of 2019 and plans to reach the pipeline's annual exporting capacity of 38 billion cubic meters this year.

Russia and China have also agreed on exports of 10 bcm of gas from Russia's Pacific island of Sakhalin starting from 2027.

However, years of talks about the Power of Siberia 2 pipeline, which would ship 50 bcm of gas per year to China via Mongolia, have yet to be concluded as the two sides disagree over issues such as the gas price.

Russian President Vladimir Putin is set to travel to China in early September to participate in celebrations marking the anniversary of the victory over Japan in World War II.

The trip follows Chinese President Xi Jinping's visit to Moscow in May.