Eni Reaches Financial Close for Coral South FLNG Hub
December 06 2017 - 10:09AM
Dow Jones News
By Nathan Allen
ENI SpA (ENI.MI) has finalized the financial agreements needed
to start construction on the Coral South floating liquefied natural
gas hub in Mozambique's s Area 4 off-shore block, it said
Wednesday.
The Italian oil major said that, together with its Area 4
partners, it has raised about $4.7 billion through seven separate
facilities.
The Coral South project is the first development to receive
governmental approval to exploit the Rovuma natural gas basin in
waters off the Mozambican coast.
After commissioning, the plant should produce 3.4 million tons
of liquefied natural gas a year, which will be sold directly to BP
PLC (BP.LN), according to Eni.
The Italian company will operate the plant through its Eni East
Africa subsidiary, which is jointly owned by Eni and Exxon Mobil
Corp. (XOM), and holds a 50% stake in Area 4. China National Oil
and Gas Exploration holds another 20%, while Mozambican national
oil producer ENH, Galp Energia SA (GALP.LB) and Korea Gas Corp.
(036460.SE) each hold stakes of 10%.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 06, 2017 09:54 ET (14:54 GMT)
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