Mozambique: Government gives green light to US$4.6 billion Coral South FLNG project financing

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Mozambique: Government gives green light to US$4.6 billion Coral South FLNG project financing

9:36 CAT | 17 May 2017

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The Mozambican government yesterday announced the approval of the structure and the direct financing agreement for the floating liquefied natural gas (FLNG) infrastructure project in the Coral South sector of the Rovuma basin in Cabo Delgado. This is a decisive step towards the start of financial disbursements for the project, valued at US $ 4.6 billion.

In addition to Italian ENI, the Coral South project involves the Mozambican Hydrocarbons Company (ENH), China’s CNPC, Portugal’s Galp Energia, South Korea’s Kogas and the US’s Exxon Mobil.

Council of Ministers spokesperson Mouzinho Saíde shared the information with journalists at the end of the Cabinet’s 16th regular session yesterday, reiterating that conditions had been created for the start of Coral South project financing.

Also yesterday, the Council of Ministers considered preliminary information on the 2016-2017 cashew nut marketing campaign.

“The marketing and export campaign for cashew nuts is proceeding at a good pace and the projected targets have been exceeded by 15 percent,” said, citing India as one of the product’s main destinations.

Saíde said that the processing of 137,000 tons of cashew nuts countrywide had so far generated 7.4 billion meticais.

“This is a sector that guarantees employment and income for more than 1.4 million rural families, and the current marketing campaign is proceeding according to forecasts,” he said.

He also announced that at yesterday’s session, the government considered and approved decrees recognizing the Soico, Sérgio Gago, Banco Alimentar Contra a Fome and Rizwan Adatia foundations, all based in Maputo.

“These are entities with the status of private law subjects, with legal personality, nationwide, non-profit and with social interest in various areas, including health, education and culture,” Saíde said.

The Deputy Minister of Health added that a resolution ratifying the agreement on air transport services between the governments of Mozambique and India, signed in January 2017 in the Indian capital of New Delhi, was also approved.

Source: Noticias