Breaking News: Government gives green light for gas project financing

Gas&Oil
The Council of Ministers approved yesterday the structure and the agreement of direct financing of the natural gas project of the Italian multinational ENI, in the Rovuma basin. This is an important step towards one of the largest investments in the history of Mozambique.

Through a decree, the Council of Ministers yesterday approved one of the steps considered crucial for the start-up of hydrocarbon exploration activities in the Rovuma basin, Cabo Delgado.

“The Council of Ministers approved in this session the decree on the financing structure and the direct financing agreement for the floating project of liquefied natural gas South Coral, in area 4 of the Rovuma block,” said the Council spokesperson. Ministers, Mouzinho Saíde.

The Coral South project is operated by the multinational ENI, which leads a shareholder structure that includes companies Galp Energia de Portugal, KOGAS of South Korea and Empresa Nacional de Hidrocarbonetos (ENH).

Official data indicate that the implementation of this project will employ about 820 workers, 90 percent of whom are nationals.

It is valued at four billion six hundred thousand dollars and the financing process was partly dependent on the decision taken Tuesday by the government. “It is this agreement that will allow the start of operations to finance the project,” Saíde said.

ENH data, representative of the Mozambican state in the Rovuma basin, indicate that the South Coral includes the construction of six wells connected to the underwater production system and the floating LNG platform, which will have a liquefaction capacity of more than 3.3 million Tons of LNG per year.

Other materials

Also in the session of this Tuesday, resolutions were approved that recognize the foundations Soico, Sérgio Gago, Food Bank against Hunger and Rizuan Adakiar.

Another important note analyzed in the Council of Ministers was the information on the preliminary balance of the marketing campaign for cashew nuts, which, according to the information, already exceeded the projected targets by 15 percent. “The marketing and export campaign for cashew nuts is proceeding at a good pace,” said Mouzinho Saíde.

Executive data indicate that the cashew subsector provides employment and income to more than 1.4 million households across the country.

The raw brazil nut is exported to India and Vietnam and the almond is marketed in the United States of America.

Source: Opais

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