Sound Energy places its trust in Attijariwafa Bank to mobilize some 250 M dollars

As part of the financing of the second phase of the development of the Tendrara gas concession, the British company ” SoundEnergy entered into negotiations with Attijariwafa Bank, with the aim of making available the necessary funds, worth 250 million dollars over a period of 12 years.

In a statement, Sound Energy said it is ” planned as part of the operation that steps be taken to negotiate and obtain binding terms, allowing the funds to be made available, within 120 days of the signing of the loan agreement “.

Quoted in the press release, Graham Lyon, CEO of the British company, which has already mobilized 5 million dollars to support the construction of the 120 km pipeline which will be connected to the Maghreb-Europe (GME) gas pipeline, explained that “ Today’s announcement confirms Sound Energy’s commitment to local financiers to undertake the development of the Tendrara pipeline project. Attijariwafa Bank is a leading bank in Morocco and has provided Sound Energy with a compelling case to seek to provide the majority of funds to finance project development“.

This step aims, according to the press release, to partially finance the development cost of the second phase of the concession to exploit the field “ Tandra“, currently estimated by the company at 3 billion dirhams (330 million dollars).

Thus, the British company explores “other financing options to mobilize the rest of the envelope necessary for the implementation of the projectnoting that the goal is to achieve, “by the end of this year», to a final decision for the investment in the Tendrara gas field.

In mid-March, the National Office of Hydrocarbons and Mines signed an agreement with Sound Energy to connect the future gas pipeline linking Tundra to the Maghreb-Europe gas pipeline.

A memorandum of understanding relating to the sale of natural gas was signed following the concession contract for the exploitation of the ” Tandra in October 2019 between the National Office for Electricity and Drinking Water and Sound Energy Morocco East Limited.

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