Following its successful operations in China and the Netherlands, Pan Ocean Aquaculture is now in the process of building a fully submerged aquaculture unit in Morocco.
Rabat – Pan Ocean Aquaculture, a Netherlands-based company that specializes in the cultivation of marine resources (plants and animals) for commercial purposes, is looking at Morocco for short-term operations.
According to media reports, Pan Ocean Aquaculture hopes to make Morocco a future site for its first fully submerged fish farming venture.
Aquaculture or aquaculture refers to the cultivation of marine resources (plants and animals) for commercial purposes and supplies almost half of the global seafood market. Since the 1970s, the market has grown at a constant rate of 8.4%.
The market is expected to gain more traction in the coming years as calls for sustainable fishing could limit conventional finishing methods currently prevalent.
After years of operating in China and the Netherlands, the company transitioned from providing engineering services to developing and delivering offshore aquaculture units, notes a report from fishing-oriented news outlet IntraFish.
Incorporated in the Netherlands, Pan Ocean Aquaculture's Moroccan team currently consists of 15 people, but the company plans to expand its team further.
To date, Morocco does not have any legal framework regulating commercial offshore aquaculture activities, making the task of acquiring licenses a long and challenging process.
“It's been a great journey getting the license and it's not over yet,” Pan Ocean Aquaculture co-founder and CEO Philip Schreven told IntraFish.
Schreven explained to the media that his company is “80% there,” noting that his company in Morocco looks “promising.”
For its business in North Africa, the company is looking to establish a standalone unit with a market capitalization of almost $120 million. The company has yet to raise funds for the project.
Although the company is now in the process of building the first unit, official reports indicate that it is analyzing three other future units based on the results of the initial unit.