The Coral North Floating Liquefied Natural Gas (LNGF) project in Mozambique recently reached its final investment decision, with a signing ceremony held in the capital Maputo.

The project is being developed jointly by Italy's Eni Group and China National Petroleum Corporation (CNPC), in partnership with three other international corporations. Located in the ultra-deep waters of Cabo Delgado Province in northern Mozambique, Coral North has an annual production capacity of around 3.55 million tons and is expected to be completed and operational by 2028.

Mozambican President Daniel Chapo said in his statements that the Coral Norte project is expected to generate around US$23 billion in tax revenues for Mozambique over the next 30 years.

Since its launch in late 2022, the Coral Sul LNG project has created around 1,400 direct and indirect jobs in Mozambique and awarded contracts worth around US$800 million to local small and medium-sized enterprises.

(Source: Diário do Povo,on October 6)