Home Content Marketing Morocco’s OCP announces $12.3 Billion investment in green energy by 2027. – Capital News 360

Morocco’s OCP announces $12.3 Billion investment in green energy by 2027. – Capital News 360

by myadmin

King Mohammed VI, chaired the presentation ceremony of the new green investment program of the OCP Group (2023-2027) and the signing of the relevant protocol agreement between the government and the OCP group.

The new green investment program is meant to put an end to the group’s dependence on ammonia imports and enables investment in the chain of renewable energies, green hydrogen, and green ammonia.

 

At the beginning of the ceremony, OCP Group  Chairman and Chief Executive Officer, Mr. Mostafa Terrab, presented the results of the group’s first investment which saw an impressive triple-digit increase in the fertilizer market since 2012 making the Moroccan phosphate base fertilizer a significant global player. 

 

During his presentation, Mr. Terab emphasized the role of the research and development capabilities of the Mohammed VI Polytechnic University (UM6P) to seize the opportunities offered by the new industrial and digital technologies and to develop expertise in innovative technologies for balanced fertilization to take up the challenges of sustainable agriculture and food security.

 

The new program will help OCP reach a local integration rate of 70%; back 600 Moroccan industrial enterprises, and create 25000 direct and indirect jobs.

This new investment program aims to increase fertilizer production capacity with a long-term goal of carbon neutrality before 2040, according to a statement from the Royal Cabinet.

 

This investment will help the group, first world importer of ammonia, to eventually end reliance on these imports by also investing in renewable energy – green hydrogen – green ammonia sector, allowing the group to strongly enter the market of green fertilizer and of fertilization solutions adapted to the specific needs of different soils and crops.

This ambition will be backed by supporting programs for industrial SMEs and those operating in the sectors of energy and agriculture, hence, favoring the emergence of an innovative national ecosystem and the creation of new employment and job integration opportunities for the youth.

 

The OCP Group achieved a turnover of 56.018 billion dirhams (5.5 billion dollars) in the first half of 2022, up 72% compared to the same period in 2021, due to the rise in global prices following the Russian invasion of Ukraine.

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