2023-07-01 17:45:45
The British company Sound Energy announced that it had “a conditional offer” from the Attijariwafa bank group, for a maximum financing of 2.365 billion dirhams for phase II of the Tendrara gas project. This is the largest financing of its kind in Morocco and should be used for the design, drilling, construction and operation of wells, a processing unit and a gas pipeline connected to the Maghreb Gas Pipeline. -Europe, so as to transport and sell natural gas. 100% guaranteed by the Moroccan banking group, this loan is for a period of twelve years, two of which are grace periods.
This financing is conditioned in particular by a maximum level of indebtedness of 65%. Executive Chairman of Sound Energy, Graham Lyon stressed, in this sense, that “the majority of the conditions precedent to the offer” were foreseeable. “We have offered a number of these for a long time,” he added. On June 23, the British company already announced that it had mandated Attijariwafa bank to set up a long-term senior debt facility, with a duration of 12 years and nearly 2.25 billion dirhams.
Since November 2021, Sound Energy has signed an agreement with the National Electricity and Water Office (ONEE) for the sale of natural gas from the Tendrara concession, over ten years. The Briton has undertaken to deliver to the Maghreb-Europe Gas Pipeline an annual volume of up to 350 million cubic meters. In March 2022, an agreement authorized the connection of the two, through a new gas pipeline planned to be built over 120 km.
Currently, Moroccan natural gas production amounts to 100 million cubic meters. The total annual consumption amounts to 1 billion cubic meters, which is covered by the international market.
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