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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Image from Moroccoworldnews
Morocco's fertilizer giant OCP Group presented their new green investment plan to King Mohammed VI in a ceremony held in the Royal Palace in Rabat on Saturday.
The investment plan covers the period between 2023 and 2027, as well as a memorandum of understanding (MoU) between the group and the Moroccan government.
Aiming to consolidate OCP’s international position, the investment plan totals $13 billion dollars (MAD 130 billion) over the four-year period.
The new plan is in line with King Mohammed VI's instructions relating to the need for a faster transition toward a carbon-neutral economy. OCP Group has been working for years to scale up investment in green energy production and carbon-neutral ventures.
The plan mirrors the discussion held during the council of ministers meeting that King Mohammed VI chaired on November 22, which was entirely devoted to assessing the country’s progress in developing green energy production capacities.
During the ceremony, OCP Group Chairman and Chief Executive Officer Mostafa Terrab officially presented the group’s investment plan.
Terrab explained that the group seeks to increase its fertilizer production capacity, while also being committed to achieving carbon neutrality before 2040 by boosting reliance on renewable energies.
OCP Group is currently working to ramp up investment into solar and wind energy to power its industrial facilities by 2027.
According to the investment plan, the green energy will be used to supply the new seawater desalination capacities in order to meet the group’s needs and provide the areas around OCP sites with drinking and irrigation water.
In addition, the investment plan seeks to end the group’s reliance on ammonia imports, a key component in the manufacturing of fertilizers, as OCP aims to use green hydrogen to cover its ammonia needs.
The investment plan, Terrab announced, includes supporting programs for Small and Medium-Sized Enterprises (SMEs) operating in the industrial, agriculture, and energy sectors.
Through the investment, the group hopes to support the emergence of a national innovation ecosystem full of opportunities for the youth.
The investment plan is expected to back 600 Moroccan industrial enterprises and create 25,000 direct and indirect jobs.
OCP Group is a major fertilizer producer and a top exporter of phosphate fertilizers.
By relying on research and development capabilities of the Mohammed VI Polytechnic University (UM6P), the group was able to seize the opportunities technology offers to boost and optimize production.
Thanks to its reliance on state-of-the-art technologies, the group is leading the way in sustainable agriculture and food security.
