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Wednesday, June 7, 2017
ENI launched its Coral South LNG project implementation phase on June 1. Attending were Filipe Nyusi, Leticia Klemens, and Claudio Descalzi, the president of Mozambique, Minister of Mineral Resources, and CEO of ENI respectively.
Managers from the partner companies were also in attendance, including CNPC’s Wang Yilin, Galp’s Carlos Gomes da Silva, Kogas’ Seunghoon Lee and ENH’s Omar Mitha.
During the ceremony all the drilling, construction and installation contracts for the production facilities were signed, as well as agreements with the Mozambican government for the regulatory framework and financing of the project.
The Coral South project is the first development launched to monetize the considerable gas resources discovered on the ENI-operated Area 4 of Mozambique’s Rovuma Basin. The Coral South reserves will be monetized through a FLNG unit. The FLNG facilities construction will be financed through project finance covering around 60% of its entire cost and is the first project finance ever arranged for a FLNG facility.
Descalzi commented in a company statement: “As the world transitions to a low-carbon energy mix, Eni believes that the use of gas is critical to achieving a more sustainable future. Our ambition to become a global integrated gas and LNG player is based on working alongside key partners such as Mozambique. The Coral South Project will deliver a reliable source of energy while contributing to Mozambique’s economic development. This partnership approach with our hosting countries is the foundation on which our joint sustainable growth strategy is built.”
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