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June 4th, 2017 
Awake Goy 
nsnbc : The Italian energy company Eni has signed an $8 billion deal on Thursday to develop a Mozambican off-shore gas field. Mozambican President Felipe Nyusi and ENI’ CEO Claudio Descalzi were among the dignitaries who attended a ceremony in the capital Maputo, to formally approve the Coral South liquefied natural gas project.
Once built, the floating Liquefied Natural Gas (LNG) plant, with a capacity of about 3.4 million tons a year, will extract gas from the Rovuma Basin where Eni made its first major gas find in Mozambique in 2011. President Felipe Nyusi commented on the signing of the contract saying that Mozambicans have just witnessed the launch of a an infrastructure project that also structures Mozambique’s economy, and that will surely have a positive impact on the lives of the people of Mozambique.
ENI CEO Claudio Descalzi said that Coral South will be beneficial to the community as a whole and to the government and yield about 16 billion dollar to the country. He added that this was only Coral North, and that the Coral South field will add to this development. The project draw gas from the Rovuma Basin and LNG exports are expected to start in 2022.
The project is one major step toward developing Mozambique into the world’s 2nd-largest exporter of LNG by the mid-2020s. The revenue from the project would be a significant contribution to mitigating the financial crisis the country, despite its richness in natural resources, but in part die to conflict and lack of infrastructure is going through.
ENI is expected to finance 60 percent of the floating LNG facility while the financing agreement has been countersigned by 15 major international banks and guaranteed by 5 export credit agencies. It will be the first in Africa and only the third globally. The Coral field is located within Area 4 and contains approximately 450 billion cubic meters (16 TCF) of gas. In October 2016, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the Coral South project for a period of over twenty years.
F/AK – nsnbc 03.06.2017
Source Article from https://nsnbc.me/2017/06/03/eni-launched-multi-billion-dollar-gas-project-in-mozambique/
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