The Mozambican state is expected to start benefitting from the Pande and Temane natural gas project, in Inhambane province, only in 2018, said the chairman of the National Oil Institute (INP), Arsénio Mabote.
According to Mozambican daily newspaper Notícias, Mabote said that in order for the state to start seeing real financial gains, it would have to pay off the debt taken on in order to implement the project.
“The Pande and Temane project cost around US$1.2 billion and the State has a stake of around 25 percent and so it has to pay of US$300 million before it can make any revenue,” said the chairman of the INP.
In terms of natural gas exploration in the Rovuma basin, Mabote noted that before anything else happened the anchor project had to be put in place, and that the State expected to start receiving revenue as of 2018/2019.
“But we cannot forget that during the construction phase the companies that have been involved paid taxes and so the State will receive some income, which will only become significant as of 2018/2019,” Mabote said. (macauhub)