The Spanish group Cepsa has reached an agreement with Morocco’s Derhem Holding to launch a network of 100 service stations in Morocco. Both companies will operate as part of a 50/50 joint venture. The first 10 stations are already operational and the goal is to reach at least 100 outlets over the next five years, said Cepsa Monday.
“Derhem Holding brings its knowledge of the country in which it has been operating for more than 50 years, and Cepsa brings its brand and successful model developed in Spain and Portugal,” says the Spanish, which provides an investment of about 1,3 billion dirhams (120 million euros).
In addition to the development of direct sales, the deal between the two partners aims to ensure the supply of industrial customers and the public sector. Also planned is the construction of a storage terminal at the port of Jorf Lasfar. The 100 stations should represent 4% of the market share over the next five years, the objective being then to “achieve sustainable growth”, according to Cepsa.