Eni signs off on $7bn gas project

The Star Early Edition - - BUSINESS REPORT / INTERNATIONAL -

ENI LED A group that signed off on a $7 bil­lion (R89.5bn) in­vest­ment in a project to ex­port nat­u­ral gas from Mozam­bique. The coun­try’s Pres­i­dent Filipe Nyusi and Eni chief ex­ec­u­tive Clau­dio Descalzi at­tended a cer­e­mony in Ma­puto last week to for­mally ap­prove the Coral South liq­ue­fied nat­u­ral gas project. The float­ing LNG plant, with a ca­pac­ity of about 3.4 mil­lion tons a year, will draw gas from the Rovuma Basin where Eni made its first ma­jor Mozam­bique find in 2011. “We’re fi­nally trans­form­ing this re­source into money,” Nyusi said. – Bloomberg

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