Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it has signed a partnership in Morocco to create a midstream joint venture to oversee the distribution of natural gas to industrial customers in Morocco, which it said will support the commercial viability of the anchovies project there.
The partnership is with Vivo Energy, a pan-African retailer and distributor of high-quality fuels and lubricants, which has a significant presence in Morocco’s petroleum products sector through its network of over 400 service stations while supplying commercial and industrial customers in Morocco. country
The partnership plans to develop the trading and marketing of natural gas to industrial customers and establish a jointly owned special purpose vehicle to purchase, transport and distribute natural gas to end users.
It will also put in place a long-term gas sales agreement for a portion of future gas production from the Anchois development project.
Adonis Pouroulis, CEO of Chariot, said: “We are delighted to partner with Vivo Energy, a company that has an extensive footprint in Morocco and the African continent, to develop and provide a long-term supply of natural gas to the rapidly growing industrial sector of the country.
“Morocco’s significant industrial gas demand, which this partnership will supply, further supports the commercial viability of the Anchois project.”
