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MMEC 2024: Absa Highlights Relevance of Multilateral Partnerships in Oil and Gas Projects

MMEC 2024: Absa Highlights Relevance of Multilateral Partnerships in Oil and Gas Projects

As part of its participation in the 10th edition of the Mozambique Mining and Energy Conference and Exhibition (MMEC), held on 2 and 3 May, which brought together government officials, businesspeople and experts from the extractive and oil and gas sectors, Absa Bank Mozambique emphasised the importance of multilateral partnerships in oil and gas projects.

The bank, which was one of the sponsors of the event, took part in the debates represented by the head of corporate and investment banking, Patrícia Darsam, who took part in a panel entitled ‘Unlocking Mozambique’s LNG Potential: Promoting Optimum Investment throughout the Gas Value Chain’.

Patrícia Darsam said: ‘We recognise Mozambique’s immense potential and believe that, in the coming years, the country can establish itself as an important development partner in the region. It is essential to establish partnerships with multilateral organisations and development institutions, allowing Mozambican commercial banks to actively participate in these development projects that are crucial for Mozambique’s growth.’

Absa Bank’s involvement in the oil & gas sector was also highlighted, through a specialised team that provides solutions tailored to the needs of the various partners along the energy sector’s value chain.

‘It is essential to emphasise our role as a commercial bank in Mozambique, which includes supporting the development and sustainability of Mozambican companies and valuing local content. We have fostered partnerships that reinforce this commitment, such as MozUp, to ensure that Small and Medium-sized Enterprises (SMEs) acquire sufficient robustness and establish themselves as a relevant support sector for the value chain of the oil & gas sector, among other vital sectors of the national economy,’ he concluded.

During 2023, Absa Bank Mozambique and MozUp intensified their collaboration, committing themselves to developing solutions that promote the sustainability and growth of SMEs, facilitating access to major projects and markets. So far, the partnership between Absa and MozUp has supported 460 Mozambican SMEs, ‘contributing significantly to improving their potential and performance in the global context’, said a statement from the financial institution.

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