(Bloomberg) –Mozambique is poised to ship its first cargo of liquefied natural gas overseas, joining the ranks of the world’s exporters as a global energy crunch pushes prices of the fuel to record highs.
The LNG tanker British Mentor, operated by BP Plc, is set to arrive Aug. 24 at a new floating terminal that Eni SpA is completing off Mozambique’s northern coastline, ship-tracking data compiled by Bloomberg show.
Commissioning activities at the Coral-Sul FLNG vessel are progressing, and first exports will be communicated in due course, Eni said in an emailed statement. The Italian company has said it’s already planning a second floating export platform in the southern African country that could be brought on in less than four years.
Eni’s $7-billion Coral-Sul project had been targeting first exports by October and has moved forward despite the pandemic and an Islamic State-linked insurgency in Mozambique that derailed a $20 billion TotalEnergies SE export facility. BP in 2016 signed a deal to buy all of the output for 20 years from Coral-Sul, which is designed to produce 3.4 million metric tons of LNG.
Mozambique, the world’s third-poorest country according to data from the World Bank, has in recent years had its economy battered by a sovereign debt scandal and the jihadist insurgency. A series of severe tropical cyclones have also wreaked havoc along its coastline.
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