Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it has entered into a partnership in Morocco to create a midstream joint venture overseeing the distribution of natural gas to industrial customers in Morocco, which it said will further support the commercial viability of its Anchois project there.
The partnership is with Vivo Energy, a pan-African retailer and distributor of high-quality fuels and lubricants, which has a sizeable presence in Morocco's petroleum products sector via its network of more than 400 service stations while also supplying commercial and industrial customers in the country.
The partnership plans to develop marketing and commercialisation 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 the future gas production from the Anchois development project.
Adonis Pouroulis, Chariot's chief executive, said: "We are delighted to be partnering with Vivo Energy, a company which has an extensive footprint in Morocco and the African continent, to develop and deliver a long-term supply of natural gas across the rapidly growing industrial sector in country.
"Morocco's significant industrial gas demand, which this partnership will supply into, further supports the commercial viability of the Anchois project."