Indian group BPLC to invest US$1.88 billion in Mozambique over four years

24 September 2012

Indian state group Bharat Petroleum Corporation Limited (BPCL) plans to invest US$1.88 billion over the next four years in Mozambique in order to benefit from natural gas discoveries in the north of the country, the chairman of the company R K Singh said Friday.

Cited by Indian newspaper Bangalore Deccan Herald, R K Singh mentioned plans in the pipeline for construction of a factory to process 5 million tons of natural gas per year.

Following a general meeting of the group, the chief executive of BPCL said that Mozambique was just one of 13 oil blocks in which the 100 percent-owned subsidiary Bharat PetroResources Ltd (BPRL) plans to invest between US$7.9 billion and US$8.5 billion over the next five years.

The Mozambican oil block in question is operated by US oil group Anadarko Petroleum, which has a stake of 36.5 percent, and the remaining partners are Japan’s Mitsui & Co., with 20 percent, India’s Bharat Petroleum Corporation Limited and Videocon, with 10 percent each, Mozambique’s ENH (15 percent) and Cove Energy (8.5 percent), which meanwhile has been acquired by Thai group PTT. (macauhub)