OPEC Fund supports Nigeria-Morocco gas pipeline project with $14.3 million
The OPEC Fund for International Development has expressed its support for the ongoing massive gas project embarked upon by Nigeria and Morocco.
The OPEC Fund will finance $14.3 million for the second phase of the studies in the submarine Nigeria-Morocco gas pipeline project.
The OPEC Fund for International Development is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries, OPEC.
According to the project document from the website of the OPEC Fund, the sum is extended to the Moroccan government to support its national development strategy aimed at transitioning to a low-carbon energy system, diversifying its energy mix and achieving its renewable energy commitments.
The document titled ‘Nigeria-Morocco Gas Pipeline (NMGP) Front End Engineering Study Phase II Project’ showed that the fund is for a study for detailed evaluations of the implementation and design process for the eventual construction of the gas pipeline, thus facilitating the final investment decision.
It said the OPEC Fund’s contribution will specifically co-finance the survey works for the North Area (Senegal – Mauritania – Morocco) of the NMGP.
Earlier, a statement by the Moroccan Ministry of Finance on Friday, said the agreement was signed by the Moroccan Finance and Economy Minister, Nadia Fettah and the general director of the OPEC Fund Abdulhamid Alkhalifa.
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