RABAT, April 29 – Morocco’s state-owned company, Office National des Hydrocarbures et des Mines (ONHYM) is preparing to raise part of the $25 billion required to develop a major gas pipeline linking West Africa to Europe, Bloomberg News reported on Wednesday.
The fundraising marks ONHYM’s first capital-raising effort since it transitioned into a public limited company earlier this year, a move aimed at improving its ability to attract investment and structure large-scale energy projects.
The flagship project involves a 6,900-kilometer pipeline connecting gas reserves in Nigeria, Senegal, and Mauritania to multiple countries along the West African coast before reaching Morocco. From there, it is expected to link with the existing Maghreb-Europe Gas Pipeline that supplies gas to Spain.
The pipeline, which has been under development since 2018, is designed to improve energy access across the continent while also strengthening supply routes to Europe, which is seeking to diversify its energy sources.
ONHYM said the restructuring of the company enhances its capacity to mobilize diverse funding sources and build strategic partnerships for projects of this scale. However, it has not disclosed details on the timing, structure, or size of the initial fundraising round.
The project faces competition from a rival trans-Saharan pipeline backed by Algeria, which proposes a shorter route to Europe by crossing fewer countries.
Despite this, Morocco’s plan emphasizes regional integration, aiming to connect up to 10 African nations and expand electricity access while supporting industrial development.
According to Morocco’s gas transport company OMCO, a formal intergovernmental agreement and final investment decision on the pipeline are expected later this year.
If completed, the Nigeria–Morocco gas corridor could become a key pillar of Euro-African energy cooperation and unlock access to some of the world’s largest untapped gas reserves.