The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Anadarko Petroleum Corp. approved a $25 billion liquefied natural gas project in Mozambique that could help transform the economy of one of the world’s poorest countries.
Chief Executive Officer Al Walker signed off on what he called the biggest ever foreign investment in Africa. Anadarko sees potential for Mozambique to become one of the largest LNG suppliers in the world, and the project — expected to export the fuel to countries in Asia and Europe — will play a big part. It will be funded with $11 billion of equity and $14 billion of debt.
“Over time this project will double this country’s GDP,†Walker said at the signing ceremony in Maputo with Mozambique President Filipe Nyusi.
It’s taken the American company almost a decade to green-light the development after discovering gas in Mozambican waters in 2010. The country had to draft new regulations for its nascent oil and gas industry, even as uncertain global demand for LNG slowed plans. The government expects $95 billion of revenue over 25 years from this project and others led by Exxon Mobil Corp. and Eni SpA.