Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique. The U.S. oil company’s $30 billion Rovuma LNG project, jointly operated with Italy’s Eni, has a capacity of more than 15 million tonnes a year (mtpa) and is set pump much-needed cash into the southern African nation’s ailing economy. “The Area 4 partners will advance midstream and upstream area project activities of more than $500 million as initial investments,” Exxon head of power and gas marketing Peter Clarke told a ceremony in Mozambique’s capital Maputo …read more
Source:: Yahoo Finance
