Mozambique forecasts 20% production growth in key mineral for EV batteries
Saipem expects LNG project in Mozambique to restart around mid-2022
9:50 CAT | 29 Oct 2021
File photo: Reuters
Italian energy services group Saipem SPMI.MI said on Thursday it expects a major LNG project in Mozambique to restart around mid-2022 after it was put on hold this year for safety reasons.
“In order to reach our revenues target in 2022 we also have to consider the contribution of Mozambique,” chief financial officer Antonio Paccioretti told analysts in a conference call, without detailing the goal.
Late in April French energy group Total TOTF.PA declared force majeure on its $20 billion liquefied natural gas project in Mozambique following insurgent attacks.
Saipem, a market leader in subsea engineering and construction, said on Thursday that as of end September the project remains in the backlog for an amount of approximately 3.6 billion euros ($4.18 billion).
The group also repeated it does not foresee any significant contribution from the project for the remaining months of 2021.
Source: Reuters
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