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Mozambique takes cautious approach to raising funds for gas project

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National oil company aims to reduce risk and obtain better terms by postponing efforts to raise $2.3bn for the Anadarko scheme

A picture of a natural gas plant in Mozambique. Picture: REUTERS

“We’ll go back to the market to seek funding” when conditions become more attractive, Mitha said on Wednesday.Anadarko expects the Mozambican project to become one of the largest global LNG suppliers, at the same time helping to transform the economy of one of the world’s poorest countries. The project could also help the government recover from a debt scandal that forced it to restructure bonds.

Approvals related to sovereign debt became more rigorous in Mozambique after the IMF discovered in 2016 that the government failed to declare $1.2bn in loans.

Source: News Formal (newsformal.com)

 

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