Morocco approves Fortescue, OCP's green hydrogen joint venture

Morocco's Competition Council has given the green light to the creation of a joint venture by Australia’s Fortescue Ltd (ASX:FMG) and Casablanca-based fertiliser producer OCP Group that plans to build a large-scale renewable energy, green hydrogen and ammonia production hub in the North African country.

The antitrust regulator approved the equally owned joint venture during a meeting on July 24.

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The ambitious initiative aimed at supplying green hydrogen, ammonia and fertilisers to Morocco, Europe and other international markets was unveiled in April.

The partners plan to establish large-scale facilities to produce green ammonia and fertilisers, alongside renewable power plants to supply electricity for these processes. Additionally, the plan includes manufacturing green technology and equipment, and creating a technology hub near Marrakech for R&D in renewable energy, green hydrogen, and mineral processing.