June 6, 2022

Pan Ocean Aquaculture to build its biggest submerged aquaculture facility in Morocco

Dutch firm Pan Ocean Aquaculture is planning to build its biggest and first fully submerged aquaculture facility in Morocco, Morocco World News reported.

But Morocco currently does not have a legal framework for offshore aquaculture business regulations, which makes getting a license an issue.

Philip Schreven, CEO and co-founder of Pan Ocean Aquaculture, said it has been a journey to obtain a license and it has not ended yet, adding that the firm is 80% there and their Morocco venture is promising.

The company has operations in the Netherlands and China, and was previously providing engineering services before it ventured into developing and delivering offshore aquaculture facilities.

Pan Ocean Aquaculture plans to establish an independent unit in North Africa with a market capitalisation of nearly US$120 million. The project has yet to be funded by the company.

While the company is currently working on the first unit, official reports indicate that it plans to build three more in the future, depending on the results of the first facility.

-      Morocco World News