Italian group ENI secures financing for natural gas project in Mozambique

7 December 2017

Italian ENI group on Wednesday announced that it has secured a final US$4.675 billion financing agreement for the Coral Sul natural gas extraction, processing and marketing project in the Rovuma basin in northern Mozambique, according to a statement released in Milan.

“The Coral Sul FLNG (Floating Liquified Natural Gas platform) is the first project approved by the partners of the Area 4 block to explore the considerable natural resources discovered in the Rovuma basin,” the statement said.

The amount announced includes loans guaranteed by five export credit agencies, including China’s Sinosure Export Credit Agency, as well as commercial loans and a loan from the South Korea Export and Import Bank.

The ENI group is the operator of the Area 4 block with an indirect 50% stake through ENI East Africa.

The statement added that in March 2017 the Italian group signed a purchase and sale agreement with US group ExxonMobil for an indirect 25% stake in the Area 4 block through ENI East Africa.

The remaining percentage is held by the China National Oil and Gas Exploration and Development Corporation (CNODC) group, with 20% indirectly through ENI East Africa, state-owned Empresa Nacional de Hidrocarbonetos (ENH) and Portuguese groups Galp Energia and South Korea’s Kogas, all with 10% each. (macauhub)