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Búzi Hydrocarbons to Invest $120M to Build LNG Production Platform

Búzi Hydrocarbons to Invest $120M to Build LNG Production Platform

Iman Soerjasantosa, a businessman and manager of Indonesia’s Búzi Hydrocarbons, revealed on Wednesday 23 August that the company he runs intends to invest around 120 million dollars in Mozambique to build a Liquefied Natural Gas (LNG) production platform.

Quoted by Semanário Económico, he said that his country’s companies are ready to invest, adding that “at the moment there are many projects in the pipeline, especially seismic studies and the drilling of a third well, in order to discover more gas deposits”.

The Búzi Hydrocarbons company has a 75 per cent participating interest in the Búzi block, in Sofala province, which has estimated reserves of between 10 and 16 billion cubic feet of natural gas, for a period of 25 years. In this regard, Iman Soerjasantosa said that since 2019 investments worth 65 million dollars have already been made in various components.

Speaking during the Mozambique-Indonesia Business Forum, which took place in Maputo, Soerjasantosa said that Indonesian businesspeople see the meeting as an incentive to increase investment, which began in 2009.

For his part, the president of the Mozambican Chamber of Commerce (CCM), Álvaro Massingue, expressed his desire to see Indonesian companies expand their business to Mozambique, and urged national entrepreneurs to invest in the Indonesian market.

“There is a need to effectively take advantage of the immense opportunities that this Asian country offers, particularly in the technology and financial products sectors. These are sectors with enormous potential, and we were able to witness this during our business mission to that country last year,” he explained.

Mozambique and Indonesia signed a preferential trade agreement on 27 August 2019 in Maputo, with the aim of strengthening trade relations, reducing tariffs and eliminating technical barriers to trade between the two nations.

Data linked by Semanário Económico indicates that trade between the two countries once reached 178.7 million dollars in 2013, but in 2016 it stood at 44.5 million, and in recent years the trend has been downwards.

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