Chariot Energy group and Vivo Energy announced on Tuesday the setting up of a joint venture that will oversee the distribution of natural gas to industrial customers in Morocco.
The two companies agreed to gas-to-industry business in Morocco, establish a jointly owned special purpose vehicle for the purchase, transportation and distribution of natural gas to end-users; and put in place a long-term gas sales agreement for a portion of the future gas production from the Anchois development project.
Adonis Pouroulis, Chariot CEO said: “We are delighted to be partnering with Vivo Energy, a company which has an extensive footprint in Morocco and the African continent, to develop and deliver a long-term supply of natural gas across the rapidly growing industrial sector in country”.
“Morocco’s significant industrial gas demand, which this partnership will supply into, further supports the commercial viability of the Anchois project. This agreement confirms the priority given by Chariot to the Moroccan energy market, expands upon our other existing sales negotiations around future offtakes for the gas from the Anchois gas field and sets out a collaborative partnership with one of the continent’s leading energy distributors, as we continue to develop this high margin low risk asset”, added Mr. Pouroulis
Stan Mittelman, Vivo Energy CEO said the two companies will work closely to leverage their position in Morocco, giving them the opportunity to offer a cleaner and more competitive source of energy for industrial customers.
“Further development of the country’s mid and downstream infrastructure will also facilitate the distribution and increased use of this important domestic resource over the longer term as the industrial gas markets continue to mature”, underlined Vivo Energy chief, affirming that the development of the Anchois field,”combined with the advancement of Morocco’s gas market, will further accelerate the country’s industrial roadmap towards becoming a less carbon intensive economy, and supporting its export strategy.”