Comunicação - Imprensa
Mozambique: African Energy Chamber to join in boosting local firms, investment
The African Energy Chamber (AEC) and the Mozambique Oil and Gas Chamber (CPGM) on Tuesday announced an agreement to cooperate to develop local businesses and attract investment to this sector, which they see as having the potential to transform the country.
“With multi-billion dollar LNG projects under-construction, including Coral South FLNG and Mozambique LNG, the country is on its way to become a global gas market and competitive African energy frontier. Ongoing developments, and potential future ones such as Rovuma LNG, have the potential to transform the Mozambican economy not only through the generation of revenues for the state, but also through the monetisation of domestic gas across industries..”
The opportunity, these entrepreneurs say, is “unique”, but “will be successful only if beneficial to the local economy, local goods and services, and local jobs creation.”
For that to happen, they add, Mozambique has to build domestic capacity, promote an enabling environment for investors, and adopt best industry practices.
It is with that in mind that the two organisations have joined forces, the statement explains: “In order to assist Mozambique’s nascent hydrocarbons industry to build capacity, develop sustainable business models and attract investment, the African Energy Chamber has signed a cooperation agreement with the newly-established Mozambican Oil & Gas Chamber. Both institutions have agreed to join their resources and efforts in order to support technology transfers, attract investments across the value-chain and promote joint-venture and partnerships between local companies and regional and international firms.”
Projections for the Area 1 project, in the north of Mozambique , point to overall revenue over 25 years in the order of $61 billion dollars (€54.5 billion).
According to Mozambique’s minister of energy, in comments earlier this month, the state “will through taxes, profit sharing and participation of ENH … have just over 50%, about 31 billion dollars.”
