Vitol and the Mozambican state-owned oil and gas company ENH have formed ENH Energy Trading, a partnership focused on trading oil products, according to a statement issued on Wednesday.
ENH Energy Trading will initially be owned 51% by ENH and the remaining 49% by Vitol, with the partnership agreement stating that the Mozambican state’s share will increase over time.
The company will be incorporated and headquartered in Singapore to facilitate contact with customers across the Asia Pacific region where demand for liquefied natural gas is expected to grow significantly.
The partnership will focus on trading oil products, with particular emphasis on liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate products.
The statement recalls that Mozambique has 125 billion cubic feet of technically explorable gas resources.
In addition to using these resources to fuel domestic energy demand, the first phase of development will produce significant amounts of gas, LPG and condensate, and more than 30 million tonnes of LNG annually, making Mozambique one of the leading global LNG exporters.