(MENAFN- Morocco World News) ;">Rabat – Moroccan billionaire Othman Benjelloun is expected to launch a maritime transportation company after three months of negotiations between the Ministry of Transportation and Benjelloun's BMCE bank of Africa, according to the Huffington Post Maghreb.

The official launch of the company is expected shortly, after the signing of the establishing agreement between Othman Benjelloun and Minister of Transportation Aziz Rabbah.

According to the same source, the company will deploy nine brand new ships with a minimum capacity of 1000 passengers and between 200 and 400 automobiles. The new national company will cover seven lines among the most popular destinations. BMCE bank and another foreign ship owner will hold the capital.

The budget of the project, which is expected to be very large, is still not yet known. However, the necessary details about the budget will be made public following the signature of the agreement between Aziz Rabbah and Othman Benjelloun.

Currently, after the group Comarit-Comanav and IMTC went bankrupt and after the closing of Navline, Intershipping is the only national company still operating, using several lines including TangerMed-Algeciras and Tanger-Ville Tarifa. Intershipping will henceforth work together with the newcomer.