Mozambique: HCB generates more power than planned
Reuters / Japanese trading company Mitsui & Co's President and CEO Tatsuo Yasunaga attends a news conference in Tokyo, Japan, May 10, 2016.
Japanese trading house Mitsui & Co has no plans of closing its final investment decision (FID) on Mozambique LNG any time before March 2017, according to its president’s statements on Wednesday, cited by Reuters.
Mitsui President and Chief Executive Officer (CEO) Tatsuo Yasunaga told an analyst meeting on Wednesday that negotiations with the Mozambican government are in final stages.
As for a final investment decision (FID) on a liquefied natural gas (LNG) project off the coast of Mozambique, Yasunaga did not project an exact timing of FID, but said he expects “an advancement” in the process by next March.
Thanks to falling construction and development costs, the Mozambique LNG project is becoming competitive even with the current low oil prices, he said.
Mitsui on Tuesday posted its first annual loss since being established in 1947, booking massive writedowns for the year ended March 31 after iron ore, copper and oil prices plunged.
The company plans to step up selling assets, include some metal holdings, Yasunaga said without further elaboration.
Mitsui plans to continue to invest in other resource assets, however, with a focus on areas where it has some strength such as in iron ore and natural gas, Yasunaga said.
($1 = 108.7400 yen)
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