A new green investment program has just been presented by the OCP Group in the presence of King Mohammed VI. Focusing on renewable energy, this program will run from 2023 to 2027 and opens up new opportunities for foreign specialized companies.
Having managed to triple its fertilizer production capacity in ten years, the OCP Group is now one of the world’s leading producers and exporters of phosphate fertilizers. The Moroccan Group wants to continue its momentum. Its CEO, Mostafa Terrab has just presented Saturday, December 3 in Rabat, in front of King Mohammed VI, a new fundamentally green investment program.
Weighing 130 billion dirhams (11.7 billion euros), over four years, 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.
In this perspective, according to the same source, the OCP group plans to supply all of its industrial facilities with green energy by 2027 by investing heavily in solar and wind energy.
What will come from strengthening Morocco's green ecosystem?
600 Moroccan industrial companies will be supported in this framework and will generate 25,000 direct and indirect jobs.
By strengthening this green ecosystem, Morocco’s ambition is to supply the new seawater desalination capacity with low-carbon energy in order to meet both the needs of the OCP group and the supply of drinking water and irrigation to the riparian zones of the Group’s sites.
As the world’s largest importer of ammonia, OCP wants to eliminate these imports by investing in alternative energy sources, including green ammonia and green hydrogen. This is what will allow it to enter the market in green fertilizers and fertilization solutions adapted to the specific needs of different soils and crops.
OCP Group achieved a turnover of 56.018 billion dirhams (5.2 billion euros) 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.