The London-based energy company SDX said it will divest its Egyptian assets to focus on diversifying its energy portfolio in Morocco, where it already operates in the gas sector and sees opportunities in renewables.
The company said, in a statement, it was close to selling its Egypt its oil and gas exploration and development assets in Egypt’s Eastern Desert and the Nile Delta.
“The disposal will position the company for upcoming diversification into Morocco’s energy transition sector,” it said.
“Moving towards the energy transition narrative also gives access to a wider pool of capital, setting SDX on a new path of growth with the ultimate aim of delivering sustainable returns for shareholders,” the company added.
Morocco has an ambitious and diversified renewable energy plan that aims at bringing the share of clean energy to 52% of the total electricity mix by 2030.
The country is also preparing its green hydrogen offer, tapping into availability of renewable energy and proximity to Europe’s energy market.