The Moroccan mining group Managem, majority-owned by the Al Mada holding company, has acquired Sound Energy Morocco East Ltd for $45.2 million, thus diversifying its activities by creating a dedicated industrial natural gas hub. This acquisition allows Managem to control 55% of the Tendrara concession, 47.5% of the Grand Tendrara and Anoual permits, with a potential capacity of 10.67 billion cubic meters of natural gas. The project will take place in two phases: the production of liquefied natural gas starting in 2025, followed by the construction of a processing unit and a pipeline connected to the Maghreb-Europe Gas Pipeline to supply Morocco with gas.
This acquisition strengthens Managem’s pan-African ambitions in the energy sector, ensuring a crucial role in Morocco’s energy security and independence, while also seeking to acquire other gas assets in Africa to contribute to the continent’s energy development.