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Debt of Mozambican State Hydrocarbons Shareholder Stands at €2.5B

Debt of Mozambican State Hydrocarbons Shareholder Stands at €2.5B

The debt of Mozambican state oil company Empresa Nacional de Hidrocarbonetos (ENH), the corporate arm of the Mozambican state in the extractive sector, will exceed 181.7 billion meticals (2.5 billion euros) in 2021, according to the company’s accounts, published today by Lusa.

In the previous financial year of 2020, ENH’s debt was just over 167 billion meticais (2.3 billion euros), which was below the level reached the following year, the report said.

The company’s net profit exceeded three billion meticais (42.6 million euros) in 2021, which represents an increase over the previous year, when this indicator exceeded 982 million meticais (13.9 million euros).

On the other hand, ENH’s assets were just over 227 billion meticais (3.2 billion euros) in 2021 against 216 billion meticais (just over three billion euros) in 2020.

Liabilities rose from around 197 billion meticais (2.8 billion euros) to almost 208 billion meticais (2.9 billion euros) between 2020 and 2021.

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As the corporate arm of the Mozambican State in the extractive sector, ENH has stakes in numerous projects in the sector, including oil, but has systematically resorted to debt to be able to enter with capital in many ventures, especially those that are still in the investment and development phase.

Lusa

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