Mozambique Approves Financing Structure for Coral Norte LNG Project
The Mozambican government has approved the financing structure for the Coral Norte Liquefied Natural Gas (LNG) Project, operated by Mozambique Rovuma Venture (MRV), a joint venture owned by ExxonMobil, ENI, CNPC of China, Mozambique's National Hydrocarbon Company (ENH), Kogas of South Korea, and XRG.
The project involves the construction of an FLNG facility with a production capacity of approximately 3.6 million tonnes per annum in the Coral gas field, located about 50 kilometers offshore northern Mozambique.
According to Salim Valá, government spokesperson and minister of Planning and Development, this approval allows ENH to participate through its subsidiary ENH Rovuma Área 4, a limited company, thereby isolating the risk associated with direct participation in projects with complex financing structures.