Mozambique backs Eni’s $7.2bn floating LNG project
Mozambique approved Eni’s $7.2-billion floating liquefied natural gas (LNG) project, the nation’s second led by the Italian major to export the fuel.
The Coral Norte LNG vessel will have an annual production capacity of 3.6-million tons, the government said in a statement Tuesday. That’s slightly bigger than its predecessor in the same area off the southeast African nation’s coast, which exported its first gas in 2022.
Coral Norte is scheduled to start production in the second quarter of 2028, according to the statement. Eni took a final investment decision on the project in 2024 and awaits approval from its partners, the company said in its annual report published this month.
The project will bring in much-needed revenue for the government, with the first shipments expected just as Mozambique’s $900-million eurobond starts amortizing in 2028. Concerns are growing about the government’s ability to repay its debts after TotalEnergies’s $20-billion LNG project was delayed for years because of attacks by an Islamic State-linked insurgency. The security issues have also held up a plant planned by ExxonMobil Corp.
The nation’s economy shrank by 4.9% in the last quarter of 2024 as post-election unrest shuttered businesses and interrupted trade, and probably contracted again in the first three months of this year, according to Standard Bank Group.
At the same time, Eni’s second floating project has made steady progress. Coral Norte received more interest than needed for financing, the company said last year.
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