Mozambique Oil & Gas: Rovuma Coral FID still pending

coral fid
Eni Coral FID pending

Mozambique’s debt as a percentage of its Gross Domestic Product (GDP) rose to 130% last year, from 86% in 2015 and 38% in 2012, according to data from debt relief campaign group Jubilee Germany, as published by German state broadcaster Deutsche Welle March 20.

Mozambican state oil and gas firm ENH is among shareholders in the Eni-led $8bn Coral floating LNG project, which Exxon is now in the process of joining as a 25% shareholder. Coral FLNG though has yet to take its final investment decision in the offshore project. The FID has already been delayed for two years, chiefly because of Eni’s wish to reduce capex. But questions now arise over whether the state will be able to fund its 10% capex share.

Mozambique missed the first $60mn coupon payment on its sovereign bond on January 18 2017, according to a briefing note by Nick Branson last month of Africa Research Institute.

ProIndicus, one of three Mozambican state companies set up in 2013 to secure secret loans which in due course were provided by Credit Suisse and Russian bank VTB, is due to make a capital repayment of $119mn on March 21 2017. According to Branson, it is not expected to pay. (Source: By Mark Smedley at Natural Gas World)

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One comment

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