Rabat – Morocco’s Phosphate giant, OCP Group, is expected to make significant investments of approximately MAD 44.3 billion in 2023, according to a recently published report accompanying the country’s 2024 Finance Bill.
This investment plan is part of the OCP Group’s strategy for the 2023-2027 period, during which the company plans to execute an investment program estimated at around MAD 130 billion.
This initiative outlines the company’s aspirations towards sustainable development and transitioning towards a carbon-neutral production chain.
OCP’s Green Program for the 2023-2027 period aims to reinforce the company’s position in the sustainable fertilizer sector and enhance its competitiveness.
Under this initiative, OCP aims to produce 20 million tonnes of carbon-neutral fertilizer by 2027. This target will be facilitated by a MAD 20 billion investment plan for the local production of green ammonia, which aims to reduce the need for imports.
Another key component of this plan isa MAD 11 billion investment in renewable energy development, targeting a capacity of 5 gigawatts to ensure a stable and sustainable power supply for the group.
Read also: S&P: OCP Group Expected to Remain Resilient in Face of Market Downturn
In addition, MAD 23.5 billion has been allocated to establish projects focused on building desalination plants and reusing treated wastewater.
This program is set to help the group achieve water self-sufficiency and accelerate their shift towards unconventional water resources.
The report, which was published by the Moroccan Ministry of Finance, revealed that OCP’s revenue reached MAD 37.56 billion as of last June, a 65% decline compared to the same period in 2022.
However, the company’s investment expenditures increased by 49%, reaching nearly MAD 11.66 billion.
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