in

AfDB Approves $400 Million Loan For Gas Plant In Mozambique

The African Development Bank has approved a long-term senior loan of $400 million to support the building of an integrated liquefied natural gas plant, including a liquifaction facility in Mozambique.

Loading...

In a statement, the AfDB said the Mozambique LNG Area 1 project, ranked Africa’s single largest foreign direct investment to date, comprised a global team of energy developers and operators, led by Total alongside Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as the country’s national oil and gas company ENH.

Commenting on the approval, Bank Group President Akinwumi Adesina said: “Through its participation, the African Development Bank again demonstrates its leading role in supporting Africa’s transformation. The catalytic effect brought about by the Bank is strategically aimed to help transform Mozambique from ‘developing’ to ‘developed’ nation.”

“Working closely with the Government of Mozambique, we can ensure that the local population reaps the benefits from its nascent natural gas value-chain, thus creating growth opportunities and widespread industrialization, while at the same time accelerating regional integration across Southern Africa,” Adesina added.

Through this approval, the Bank carries a mandate to ensure the project’s adherence to international transparency standards and full compliance with environmental and social requirements, in line with its Integrated Safeguards System.

The LNG liquefaction plant will have a production capacity of 12.88 MTPA and is the first of several LNG trains expected to undergo development in the northern part of the country.

Loading...

Written by PH

Leave a Reply

Your email address will not be published. Required fields are marked *

CAPTCHA


AfDB Launches Funding Scheme For Women

Cleveland to Pay $1.3 Million Settlement to Innocent Man Who Spent 23 Years in Prison