The King preside over the presentation of OCP Group’s green investment program.
On Saturday, December 3, 2022, King Mohammed VI presided over the unveiling of the OCP Group’s new green investment program (2023-2027) and the signing of a memorandum of agreement between the government and the OCP Group on this program at the Royal Palace in Rabat.
Here is the press release from the Royal Cabinet:
« His Majesty King Mohammed VI, may God assist Him, presided, this Saturday, December 3, 2022 at the Royal Palace in Rabat, the ceremony of presentation of the new green investment program of the OCP Group (2023-2027) and the signing of the memorandum of understanding between the government and the OCP Group relating to this program.
This ceremony is in line with the proactive approach adopted by His Majesty the King over the past few years to promote the transition to green energy and a low-carbon economy. It comes as a follow-up to the working meeting chaired by the Sovereign on November 22, devoted to the development of renewable energies and new prospects in this field.
At the beginning of the ceremony, the Chairman and CEO of OCP Group, Mr. Mostafa Terrab, presented to His Majesty the King the results of the Group’s first investment program, which was the subject of High Royal Directions in 2012, and which has enabled OCP to anchor itself firmly in the fertilizer market. By tripling its fertilizer production capacity, OCP Group is now positioned as one of the world’s leading producers and exporters of phosphate fertilizers.
The group relied on the research and development capabilities of the Mohammed VI Polytechnic University (UM6P) in order to capture the opportunities offered by new industrial and digital technologies, and to develop an expertise on innovative technologies of reasoned fertilization able to meet the challenges of sustainable agriculture and food security.
Afterwards, Mr. Terrab presented to the Sovereign, the new green investment program of OCP Group. This program focuses on increasing fertilizer production capacity while committing to achieve carbon neutrality before 2040, by leveraging on the unique deposit of renewable energies as well as on the advances of the Kingdom in this field under the leadership of His Majesty King Mohammed VI, may God assist him.
By investing in solar and wind power, the group plans to supply all its industrial facilities with green energy by 2027. This decarbonated energy will supply the new seawater desalination capacities in order to meet the group’s needs as well as the drinking water supply and irrigation of the areas bordering the OCP sites.
This investment will enable the group, the world’s largest importer of ammonia, to eventually free itself from these imports by also investing in the renewable energy – green hydrogen – green ammonia sector, allowing it to enter the market of green fertilizers and fertilization solutions adapted to the specific needs of different soils and crops.
This ambition will be supported by support programs for industrial SMEs, as well as those in the energy and agriculture sectors, promoting the emergence of an innovative national ecosystem and the creation of new job opportunities and professional integration for young people.
The new program, which will consolidate the global position of OCP, provides for a total investment of about 130 billion dirhams over the period 2023-2027, the achievement of a local integration rate of 70%, the support of 600 Moroccan industrial companies and the creation of 25,000 direct and indirect jobs.
To this end, His Majesty the King presided over the signing of a memorandum of understanding relating to this investment program, between the Government and the OCP Group, represented respectively by the Ministers of Interior, Economy and Finance, Equipment and Water, Energy Transition and Sustainable Development, Investment, Convergence and Evaluation of Public Policies on the one hand, and by the Chairman and Managing Director of OCP on the other hand.
The ceremony was attended by the Head of Government, the Advisors of His Majesty the King and members of the government ».