Boon for Mozambique as ENI R7bn natural gas project gets green light
Eni led a group that signed off on a $7bn investment in a project to export natural gas from Mozambique. The country’s president, Filipe Nyusi, and Eni CEO Claudio Descalzi attended a ceremony in the capital Maputo on Thursday, to formally approve the Coral South liquefied natural gas (LNG) project. Once built, the floating LNG plant, with a capacity of about 3.4-million tonnes a year, will draw gas from the Rovuma Basin where Eni made its first major Mozambique find in 2011. "We’re finally transforming this resource into money," Nyusi said. "We expect it will help us to bring the economy back to the performance of the last decade." The investment decision gives momentum to resource development in Mozambique, one of the poorest countries in the world, that’s also been struggling with a debt crisis. It failed to make an interest payment on a Eurobond in January, becoming the first African nation to default in six years. "This is really good news for the government of Mozambique," sai...
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