Moroccan Competition Council Approves Joint Venture Between OCP Green Energy and Fortescue
Rabat, The Gulf Observer: The Moroccan Competition Council has granted approval for the establishment of a joint venture between OCP Green Energy SA, a subsidiary of the Moroccan phosphate giant OCP Group, and Fortescue, an Australian company specializing in green energy production. This partnership was confirmed during the Council’s latest meeting on July 24, as per their official website.
Initially announced in April 2024, the collaboration aims to produce green hydrogen and green ammonia in Morocco. These sustainable energy sources will be utilized for energy production and the creation of carbon-neutral, customized fertilizers, making them accessible and affordable for farmers worldwide.
The venture includes the development of four major projects in Morocco. These projects will feature large-scale integrated production facilities for green ammonia and fertilizers, which will encompass renewable energy generation, electrolysis, and ammonification processes.
Additionally, a Research & Development and Technology Hub will be established near the Mohammed VI Polytechnic University (UM6P) in Benguerir. This hub will focus on renewable energies, green hydrogen, and mineral processing. It will also involve collaboration with corporate venture capital funds to drive technological advancements.
The agreement was signed in April by Mostafa Terrab, Chairman and CEO of the OCP Group, and Andrew Forrest, Executive Chairman and Founder of Fortescue. “Our strategic partnership with Fortescue is a testimony to our joint commitment to decarbonisation, driving the development of cutting-edge facilities and delivering competitive renewable energy, products, and technology,” Terrab stated.
Mark Hutchinson, CEO of Fortescue Energy, remarked on the significance of the partnership: “This is a very significant moment for Fortescue, OCP Group, and Morocco as we help revolutionize the way we power our planet and diversify the world’s future energy security, while creating thousands of jobs and industries in Morocco.”
The partnership is part of OCP Group’s broader Green Investment Program. This $13 billion initiative aims to increase fertilizer production capacity while achieving carbon neutrality by 2040. It includes significant investments in renewable energy sources, such as solar and wind, to power production processes and contribute to environmental sustainability.
This joint venture marks a significant step towards advancing green energy initiatives and fostering economic growth in Morocco, aligning with global efforts to achieve sustainable development and carbon neutrality.
