EBRD lends SDX Energy $10M to develop Moroccan gas supply network
RABAT, (Reuters) - The European Bank for Reconstruction and Development (EBRD) signed a deal on Wednesday to lend $10 million to SDX Energy so it can expand its Moroccan gas network to connect more industrial customers.
The North Africa-focused energy firm has been selling 6 million standard cubic feet (MMSCF) a day of gas in Morocco, piping supplies to industrial clients in the city of Kenitra.
The firm, which generated revenue of $12.4 million in 2017, plans to raise the amount it distributes to 8-10 MMSCF a day by the end 2018, eventually increasing output to 24 MMSCF.
"This loan will help fund the company's infrastructure connectivity to deliver affordable gas to more industrial customers," SDX Energy CFO Mark Reid told Reuters at the signing ceremony. "The loan will be used to develop tangible assets."
SDX Energy CEO Paul Welch previously said he expected revenues from Morocco to quadruple in the next three years.
The company has a 75 percent stake in the Lalla Mimouna, Sebou, Gharb Centre concessions. The Moroccan National Office of Hydrocarbons and Mines (ONHYM) holds the remaining 25 percent stake in the projects.
(Reporting by Ahmed Eljechtimi Editing by Aidan Lewis and Edmund Blair)
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