• Contact
  • Privacy Policy
Blacksonrise.com
DONATE
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut
No Result
View All Result
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut
No Result
View All Result
Blacksonrise.com
No Result
View All Result

AfDB beefs up Mozambique LNG project

blacksonrise by blacksonrise
November 26, 2019
in Uncategorized
0
AfDB beefs up Mozambique LNG project
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

The African Development Bank approved a $400m loan on Tuesday to support Mozambique’s ambitions to become one of the world’s largest liquified natural gas (LNG) exporters.

The long-term senior loan will help fund the construction of an integrated LNG plant and liquifaction facility in Mozambique’s LNG Area 1.

The wider Mozambique LNG Area 1 project is the single largest recipient of FDI on the continent to date, according to the AFDB, with the likes of French oil major Total on board to develop and operate the plant, alongside Mitsui and Oil India, as well as Mozambique’s national oil and gas company ENH.

Commenting on the decision, AfDB president Akinwumi Adesina said he hoped the investment would help Mozambique make the leap from a ‘developing’ to a ‘developed nation.’

“Working closely with the government of Mozambique, we can ensure that the local population reaps the benefits from its nascent natural gas value-chain, thus creating growth opportunities and widespread industrialization, while at the same time accelerating regional integration across Southern Africa,” Adesina added.

Mozambique is poised to become a major global LNG player after investors reached a final decision on the $20bn project in June. 

The LNG liquefaction plant will have a production capacity of 13m tons per annum, and will be the first of several LNG projects expected to undergo development in the northern part of the country. 

Advertisements

A gas giant is born

Exxon Mobil announced plans to make a $500m initial investment in another project, the enlargement of Mozambique’s Rovuma LNG complex, in October. 

The $33bn enlargement could transform the country’s economy by creating thousands of jobs and pumping cash into a country that is struggling with debt. 

If the reserves are exploited effectively, experts predict that Mozambique will have the ability to boost Africa’s share of global gas exports to around 8%, overtaking Russia to become the world’s third largest LNG exporter.

At the same time, the project could solve Africa’s energy supply problems, as it positions Mozambique as a key supplier to African countries. 

With liquefied natural gas production on course to begin in 2022, significant revenues are not expected to reach state coffers before 2027. 

Credit: Source link

Previous Post

Stacey Abrams Goes Hollywood, to Produce New CBS Drama Series

Next Post

Derrick Hamilton Receives $7 Million After Being Falsely Imprisoned for 23 Years

Next Post
Derrick Hamilton Receives $7 Million After Being Falsely Imprisoned for 23 Years

Derrick Hamilton Receives $7 Million After Being Falsely Imprisoned for 23 Years

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

HOT Updates

No Content Available

BlackSonRise.com is an online news portal which aims to provide Caribbean News, African News, Business and much more stuff like that. Feel free to get in touch with us!

Follow us on social media:

Recent News

  • Eyewitness: Christmas Eve… | INews Guyana
  • UK stocks edge higher in muted holiday trading – SABC News
  • History repeats for NYCFC against Costa Rican debutant

Subscribe NOW

Loading
  • Contact
  • Privacy Policy

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

No Result
View All Result
  • Consultation EST
  • Herbal Internal Wash
  • Group Training
  • Videos
  • Spiritual Detox
  • Ecourses
  • Client Area
    • Course Login
    • Video Login
    • LogOut

© 2019 Blacksonrise.com is an online news, e-learning, and business website that caters to the global black community.

USD $
  • USD USD $
  • EUR EUR €
  • GBP GBP £