Morocco's OCP to produce 3mln tons of green fertilisers by 2027
In 2023, OCP said it will invest $12 billion to power its industrial plants with renewable energy by 2027. It also aims to achieve carbon neutrality by 2040.
Last year, the state-owned group produced 14 million tons of phosphate-based fertilisers.
(Reporting by Ahmed El Jechtimi, writing by Elwely Elwelly, Editing by Louise Heavens)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Morocco names arbitrator in mining dispute with UK firm
Amid the ongoing arbitration process between Morocco and British mining company Emmerson, the former has appointed an arbitrator at the International Centre for Settlement of Investment Disputes (ICSID). The appointment, officially recorded by ICSID on 15 August, marks an important step forward in the dispute registered under case number ARB/25/22. The company is seeking full compensation in respect of the Khemisset Potash Project, which it had internally valued at $2.2 billion, after the project was halted. The dispute stems from Emmerson's claim that Morocco violated multiple provisions of the bilateral investment treaty between Morocco and the UK, signed in 1990 and enacted in 2002. Emmerson had previously appointed its own arbitrator whose nomination was registered on 5 August. The arbitration tribunal now awaits only the appointment of a president, who must be accepted by both parties, before proceedings can formally begin. This president will play a crucial role in directing discussions and potentially influencing the outcome of the arbitration. Located approximately 90 kilometres from Rabat, the Khemisset project represented Emmerson's primary asset. With estimated resources of 311 million tonnes at an average grade of 10.2 percent potassium oxide, the mine was expected to produce over 700,000 tonnes of potash annually for 19 years. The project was derailed following an unfavourable environmental and social impact assessment issued by the Regional Unified Investment Commission (CRUI) in October 2024. The commission determined that the project's water consumption was incompatible with local capacities. (Reporting by Nadim Kawach; Editing by Anoop Menon) (
Zawya
2 hours ago
- Zawya
Establishment of the Egypt-Denmark Business Council to strengthen bilateral relations
Cairo – H. E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, has appointed Eng. Khaled AbuBakr as Chairman of the Egyptian side of the Egypt-Denmark Business Council. This decision follows the strategic partnership agreed upon by Egyptian President Abdel Fattah El-Sisi and Danish Prime Minister H.E. Mette Frederiksen in December 2024 to strengthen trade and investment relations between the two countries. Building on this milestone, the partnership aims to open new horizons for cooperation in key strategic sectors for both countries, including renewable energy—particularly wind power—sustainable agriculture, as well as maritime and trade logistics. In this context, Denmark has expressed a strong interest in investing in Egypt's green transition. Furthermore, the steady growth in trade volume demonstrates the seriousness of this partnership. Bilateral trade reached USD 292 million during the first ten months of 2024, a significant increase from $240 million in the same period of 2023. Looking ahead, these partnerships are expected to attract further foreign investment, thereby supporting Egypt's sustainable development efforts. Building on this context, Eng. AbuBakr is renowned for his distinguished career, having served for over 13 years as Chairman of the Italian-Egyptian Business Council, where he played a pivotal role in strengthening bilateral trade relations. His efforts were recognized with the Order of the Star of Italy, awarded by the Italian President. In addition, he currently serves as Vice President of the International Gas Union (2025–2028) and is set to become the next IGU President for the 2028–2031 term, marking the first time an Arab figure will hold this prestigious position. Given this track record, observers expect his expertise to be a key driver in steering the new Council towards achieving its ambitious goals, foremost among them increasing Egyptian exports and opening new European markets.
The National
4 hours ago
- The National
Masdar consortium completes $1.1bn Saudi solar project funding
The $1.1 billion Al Sadawi solar project in Saudi Arabia being developed by a consortium of UAE clean energy company Masdar, China's GD Power and Korea Electric Power Corporation (Kepco) has reached financial close. Eight regional and international lenders – Standard Chartered, Korea Eximbank, Abu Dhabi Commercial Bank, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC and Societe Generale – participated in the financing, which will cover a substantial part of the total project costs, Masdar said on Tuesday. The 2-gigawatt solar photovoltaic project is being developed under the kingdom's National Renewable Energy Programme (NREP), led by the Ministry of Energy. It is expected to begin generation at full capacity in early 2027, with commercial operation targeted for the same year. The announcement marks a "significant step in Saudi Arabia's clean energy journey, with Al Sadawi set to be one of the largest solar power projects in the world", said Mohamed Al Ramahi, chief executive at Masdar. 'Masdar is committed to supporting Saudi Arabia's clean energy objectives and this landmark project will add to our growing portfolio in the kingdom." The consortium was awarded the project in November. The kingdom is rapidly expanding its renewable power generation capacity to meet the rising demand of electricity in domestic commercial, industrial and residential sectors. Under the NREP, the country aim to boost its solar energy capacity to 40 gigawatts by 2030. Overall, Saudi Arabia aims to achieve an energy mix with 50 per cent renewables by the end of this decade. Last month, the kingdom also signed agreements worth more than 31 billion Saudi riyals ($8.3 billion) for seven renewable energy projects with an Acwa Power -led consortium to boost its green energy capacity. The deals cover five solar projects, including a 3-gigawatt Bisha project in Aseer, a 3-gigawatt development in Madinah, the Khulis Project in Makkah with a capacity of 2 gigawatts, and Afif 1 and Afif 2 in Riyadh, each with a 2-gigawatt capacity. The independent power-producer project at Al Sadawi, in Eastern Province, will be developed on a build, own and operate basis, with a 25-year power purchase agreement signed with the Saudi Power Procurement Company late last year, Masdar said. The UAE company, which opened an office in Riyadh in 2022, aims to expand its total capacity to at least 100 gigawatts of renewable energy by the end of the decade, from about 20 gigawatts. The company allocated more than $1.68 billion in green bond proceeds from 2023 and 2024 issuances to new solar, onshore and offshore wind, and energy storage projects as of the end of December, it said in a report this week. The funding is being used to develop clean energy across the UAE, Saudi Arabia, the US, Germany and the UK, as well as markets such as Uzbekistan, Azerbaijan and Serbia, Masdar said.
