Mozambique eyes $5b extractive sector investment in 2019 – Official

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Mozambique eyes $5b extractive sector investment in 2019 – Official

12:13 CAT | 04 Dec 2018

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Mozambique’s northern region is eyeing US$5 billion foreign direct investment into the extractive sector in 2019, Investment and Exports Promotion Agency head Lourenço Sambo has said.

Sambo told the state-run Radio Mozambique on Monday that APIEX is targeting massive investment to prop up the nascent extractive sector in Nampula and other northern regions of the country.

He said there are plans to transform the special economic zone in Nampula’s Nacala city into “a pole of investment excellence”.

“This area has demonstrated that it has potential both in terms of resources and in investment opportunities for a wide range of products,” Sambo said.

Norwegian company Statoil, Italy’s Eni, American firms Exxon Mobil and Delonex Energy, South Africa’s Sasol and Mozambique’s national oil and gas company ENH were awarded exploration rights in the Zambezi basin’s Block 5 in 2017.

Billions of dollars are expected to be invested in Mozambique’s natural gas sector to build capacity to produce 20 million tonnes per year of LNG, with the first exports due to start in 2021.

Source: APA