Mozambican President Inaugurates Major FLNG Venture

On Wednesday, Mozambican President Filipe Nyusi inaugurated the Coral Sul Floating Liquefied Natural Gas (FLNG) venture in the city of Pemba in the province of Cabo Delgado.

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The inauguration marks the official kick-off of the project's full-swing operation, although earlier this month the president already announced the export of the first cargo of FLNG produced by the venture.

The event means a renewed stage of emancipation of the country's economy. "Mozambique joins the list of countries that produce gas on a large scale," Nyusi said, inviting investors to choose his country as a destination.

In the coming years, there may be a global increase in demand for Mozambican gas, and an increase in the consumption of renewable energy is also expected. 

The Nyusi administration will continue to work for better wealth distribution, and 10 percent of the natural resource tax revenues will be allocated to the development of provinces where the extraction takes place.

"The resources allocated should be used exclusively to finance infrastructure projects and programs that have a multiplier effect on the local economy," Nyusi said, adding that his administration should reinforce the Defense and Security Forces to improve security in the exploration zones of mineral resources for better viability of the projects.

The Coral Sul FLNG project approved in 2016 is a benchmark for the national industry. The Italian Eni is the operator of the project with a 25 percent stake. The other partners are ExxonMobil (25 percent), CNPC (20 percent), Mozambique's ENH (10 percent), the Korean Kogas (10 percent), and Galp from Portugal (10 percent).