Mining & Energy
Petromoc needs to raise 7 billion meticais
File photo: Macauhub
The National Hydrocarbons Company (ENH), which represents the state of Mozambique in the extractive industry, has said that it will have the capital capacity to participate in natural gas exploration in the Rovuma basin, following guarantees issued by the state.
“Our financial capacity is taken care of; we will have the necessary capital to participate in gas projects,” ENH president Omar Mithá told Lusa.
The approval by the Assembly of the Republic, at the request of the Mozambican government, of guarantees in favour of ENH has assured the company the ability to mobilise financing from banking institutions.
Earlier this year, parliament authorised the Mozambican government to stand as ENH guarantor so as to enable the company to secure enough equity capital to contribute to the natural gas consortia in the Rovuma basin where ENH is a shareholder.
Mozambican legislation requires that the state takes part in natural gas research, exploration and exploitation, through the ENH, with a minimum participation of 15%.Source: Lusa
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