Nigeria-Morocco Gas Pipeline: OPEC Fund to contribute $14.3 million to phase II of feasibility study
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.
Through its support for this project, a model of South-South cooperation, OPEC Fund strengthens its financial cooperation relations with Morocco and contributes to the economic and social dynamics of the Kingdom, the statement said.
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 consists in preparing the documentation for the implementation of the Nigeria-Morocco Gas Pipeline (NMGP) project and in finalizing the related technical, financial and legal analyses, the statement said.
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 7,000-kilometer-long pipeline, crossing territorial waters of 13 countries, is intended to be a catalyst for the economic development of the North-West African region. It carries a strong desire to integrate and improve 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.
Last February, Nigerian President Muhammadu Buhari expressed, during a phone call with King Mohammed VI, his country’s determination to carry out the pipeline project as soon as possible.
The pipeline to deliver gas from Nigeria to Europe would supply countries along the way.