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Eni finalises financial terms of Mozambique floating LNG hub

BUSINESS
Eni finalises financial terms of Mozambique floating LNG hub

Italy's energy giant Eni on Wednesday said it had finalized the financial agreements to begin building the Coral South floating liquefied natural gas hub in Mozambique's Area 4 offshore block.

Eni said it has raise around 4.7 billion dollars with its Area 4 partners, through seven facilities.

The Coral South hub is the first project to receive government approval to exploit the Rovuma natural gas basin off Mozambique's coast.

The development should produce 3.4 million tonnes of LNG per year, which will be sold to British oil major BP under a 2016 accord, Eni said.

Eni will operate the plant through its Eni East Africa subsidiary, and holds a 50 percent stake in Area 4, the company said.

China National Oil and Gas Exploration (CNODC) has a 20 percent stake in Area 4, and Mozambique's national oil company ENH, Korea Gas Corp (Kogas) and Portuguese energy corporation Galp each hold 10 percent stakes.

Eni East Africa is jointly owned by Eni and Exxon Mobil.

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