Saipem Nears FID for $30 Billion Rovuma LNG Project

Italian engineering and construction services giant Saipem has confirmed that it has signed a letter of intent for the ExxonMobil-operated Rovuma LNG Phase 1 project in Mozambique, one of Africa's most closely watched liquefied natural gas developments.

The $30 billion project involves the development of an onshore natural gas liquefaction plant on the Afungi Peninsula, encompassing two LNG trains with 12 modular liquefaction modules and an expected overall production capacity of approximately 18.6 million tonnes of LNG per year.

The final award to Saipem within the SMDC joint venture is subject to a final investment decision (FID) by the Area 4 partners, including ExxonMobil, Eni, China National Petroleum Corporation (CNPC), and KOGAS, among others.