Standard Chartered Bank to advise Mozambican state oil company ENH


Mozambican state-owned oil company ENH has hired Standard Chartered Bank to act as advisor on ways of financing its holdings in multimillion-dollar projects to explore natural gas deposits in the Rovuma basin, the World Bank said in a statement reissued Thursday.

The proposal presented by the bank, in partnership with the largest bank in Mozambique, Millennium bim, defeated a proposal from the Hong Kong and Shanghai Banking Corp (HSBC) and local partner Banco Único.

According to the World Bank, the organization that will pay this contract under the project for Technical Assistance to the Mining & Gas Industry (Magtap), submitted the winning bid of US$721,000 and the HSBC and Banco Único bid had a cost of US$1.38 million.

ENH has a 10 percent stake interest in the Area 1 block operated by US group Anadarko Petroleum and 15 percent in the Area 4 block operated by Italian group ENI, two blocks where world class natural gas deposits have been identified.

souce: macauhub

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