Mozambique LNG’s competitiveness attracts Asian buyers

Mozambique LNG's competitiveness attracts Asian buyers

Asian countries have been reaching deals to import LNG from Mozambique, keeping the proceedings under the radar.

Five deals with flexible terms for 20 years have been preliminarily reached one of which is the deal with CNOOC of  China for 2.5 mtpa/year. The Mozambique LNG project is targeting Japanese small-scale buyers, while Thailand’s PTT struck a similar deal to the one with CNOOC. Indonesia’s Pertamina is looking for a 1 mtpa/year deal with talks going on with an Indian company as well as UAE. according to industries sources close to the talks, reports Reuters.

Getting this deals wrapped up is crucial for Anadarko to secure bank financing for its projects. Anadarko Petroleum is building the first two LNG plants in Mozambique.

Standard Bank believes Anadarko’s initial project will add $67 billion to government revenue over its 30-year life.

Steven Hoyle, Anadarko’s vice president for LNG told Reuters that LNG cost base and pricing from Mozambique project is competitive in today’s market which is encouraging investments.

Mitsui, Bharat PetroResources, Mozambique’s state-run ENH, Oil India Limited and PTT are Anadarko’s partners in the project.

LNG World News Staff; Image: Anadarko

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