Page 9 - DMEA Week 45 2022

DMEA COMPANIES DMEA

The countries normalised ties under a deal in signed a trade and investment co-operation
2020 that saw Washington recognise Rabat’s agreement to establish qualified industrial zones
sovereignty over the disputed region of West- in Morocco.
ern Sahara. Since then, diplomatic and busi- And in July, Israel’s IMS Ovadia Group
ness relations have flourished and co-operation signed an initial agreement with the Moroccan
has increased between Morocco and Israel in a government to build a number of hospitals in
number of key sectors, including education and Morocco in a deal worth $497mn.
training, defence, tourism and trade. In Novem- Morocco has been working to encourage
ber last year both countries signed an agreement more clean energy production. The North Afri-
to boost military co-operation. can country aims to more than double its renew-
In February, Morocco signed an agree- able energy production to 12 GW (representing
ment to buy an Israeli missile defence system 52% of total power capacity) by 2030, from a
in a deal worth over $500mn. A month later, current level of 5 GW (40% of capacity). The
Israel’s Marom Energy signed an agreement country imports 90% of its energy needs. Inter-
with Morocco’s Gaia Energy to buy 30% of its ested firms in the sector included Saudi Arabia’s
shares as it expands its investments in renewa- power group, ACWA Power, and India’s Adani
ble energy. Also in March, Morocco and Israel Group. ™

Renergen abandons capital raise

plan for South African gas project

SOUTH AFRICA RENERGEN, a JSE- and ASX-listed emerging halt, it had been decided not to proceed with the
producer of helium and LNG, has submitted a potential non-material capital rise,” Renergen
request to the Australian bourse for a trading clarified on November 8.
halt to be lifted, the company said in a statement. The company also said it was not aware how
The company’s shares were placed in a trad- the information reached the market, notes Min-
ing halt on the ASX this week after a report in the ing Weekly. Furthermore, the company did not
Australian Financial Review stated that Rener- believe that confidentiality had been lost for the
gen was planning a near AUD20mn ($12.8mn) purposes of its continuous disclosure obliga-
capital raise to fund drilling and preparation tions under the ASX listing rules.
work at its Virginia natural gas project in South The Virginia gas project is the company’s first
Africa, Mining Weekly reports. and only onshore petroleum production right in
In a statement to the ASX authorised by CEO South Africa, it is also Renergen’s principal asset
Stefano Marani, Renergen said that the trading with a 100% shareholding.
halt was requested in relation to a potential The licence comprises exploration and pro-
non-material capital raise that the company was duction rights of 187,000 hectares of gas fields
contemplating on the ASX. across Welkom, Virginia and Theunissen, in
“Prior to ASX implementing the trading Free State.

Renergen has had to delay the commissioning of its LNG plant in Free State (Photo: Renergen)

Week 45 10•November•2022 www. NEWSBASE .com P9