Petroleum Africa
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Tuesday, January 14, 2014
Mozambique garners a nice chunk of investment from fellow Portuguese-speaking Brazil as well as China, but Japan is hoping to boost bilateral ties as well. The Asian country will lend Mozambique $672 million over five years. The loan is seen as a carrot to gain access to the substantial amount of natural gas reserves discovered off its coast.
Japan’s Prime Minister Shinzo Abe made his first visit to the continent, stopping in Mozambique and signing agreements on various sectors including energy. While the island nation will be looking into the southern African country’s natural resources like natural gas, infrastructure will need to be a priority.
“(Our assistance) is aimed at securing access to the vast mineral resources Mozambique boasts, namely, gas and coal, as well as agriculture products, ” Abe told reporters after meeting with Mozambique’s President Armando Guebuza. Abe said the loan showed Japan’s willingness to help develop infrastructure and would be invested in the country’s northern Nacala Corridor Region, which includes a deepwater port and a railway that connects to neighboring Malawi.
Japan’s Mitsui & Co is a partner in US independent Anadarko Petroleum’s gas project offshore Mozambique, from where it plans to ship its first LNG cargo in 2018. Japan has been trying to replace nuclear power since the earthquake and tsunami shut down its nuclear plants.
Look for more deals to be announced between African countries in Japan in the coming days as Abe visits Cote d’Ivoire and Ethiopia also.
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