Mozambique’s National Hydrocarbons Company has selected Société Générale SA as financial advisor on the state oil company’s plans to refinance its stake in the offshore natural gas project led by Eni SpA.
‘”The process is underway, with ENH and Société Générale working on financial models,” Economy and Finance Minister Max Tonela said last Thursday, 21 April in an interview in Washington D.C cited by Bloomberg.
“It is now more appealing to them and at the same time less risky to be involved in the process,” said Tonela who added that “ENH is now more able to raise finance to fully play its role as concessionaire.”
ENI’s floating liquefied natural gas project is valued at US$7 billion and will be installed off Mozambique’s northern coast and is due to start production by October, in what marks the first step in the country’s ambitions to become a major global source of the fuel.
Mozambique has been seeking financing for its stakes in gas projects following discoveries off its northern coast for a decade. SocGen has been active in the projects, being appointed as financial advisor to ENH, TotalEnergies and the Gigajoule Group on the LNG power plant and import terminal project in the country’s capital Maputo.
