Exxon to make $500m initial investment in Mozambique LNG project

Exxon to make $500m initial investment in Mozambique LNG project
Source: Reuters
Date: 08-10-2019 Time: 12:10:06:pm

Exxon Mobil will invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique, the U.S. energy company said on Tuesday.

Construction of onshore facilities has been awarded to a consortium led by Japan’s JGC, U.K firm TechnipFMC and U.S. company Fluor Corp, Exxon head of power and gas marketing Peter Clarke told a ceremony in the capital Maputo.

The $30 billion Rovuma LNG project has a capacity of 15 million tonnes a year (mtpa) and is set pump much-needed cash into the southern African nation’s ailing economy.