NZELU N'ZAWENSE

FUTHER AFRICA: PTTEP to start Mozambique LNG project by end of year Fabio Scala , April 27 , 201 6 ,   Africa , Economy , FDI , Finance , Gas , Infrastructure , Mozambique , Natural Resources , oil , SADC , South Africa , Bangkok Post The first phase of PTTEP’s LNG project in Mozambique’s Rovuma Offshore Area 1 is expected to be completed within 2021. PTT Exploration and Production Plc (PTTEP) expects to start the development of a liquefied natural gas (LNG) project in Mozambique’s Rovuma Offshore Area 1 by the end of this year, says the company’s president and chief executive Somporn Vongvuthipornchai. According to the schedule, the first phase is expected to be completed within 2021 with an annual output of 12 million tonnes, he said. Of the total, 3.6 million tonnes will be delivered to Thailand through its parent company PTT Plc, the country’s national oil and gas conglomerate. PTTEP acquired an 8.5% share in the project from Britain-based...

FUTHER AFRICA: Premier African Minerals Buys 52% Stake In Mozambique’s TCT  (ALLISS) Fabio Scala , April 27 , 201 6 ,   Africa , Economy , FDI , Finance , Gas , Infrastructure , Mozambique , Natural Resources , oil , SADC , South Africa , London South East Premier African Minerals Ltd on Wednesday said it will buy an initial 52% interest in Mozambique-based TCT Industrias Florestais Ltd , which owns a substantial limestone deposit in the Sofala province. Premier has raised GBP1.1 million through the issue of 146.7 million shares at 0.75 pence each to help fund the acquisition and for exploration costs. The total acquisition consideration amounts to USD2.1 million. 26% of the stake is being bought for USD1.1 million from Transport Commodity Trading Mozambique Ltd and will be paid in four tranches of either cash or shares. The remaining 26% is being bought from GAPI Sociedade de Investimentos SA for USD1.0 million and will be paid in five tranches, the fi...

BLOOMBERG: SacOil Holds Off Signing Mozambique Gas Pipeline Joint Venture Fabio Scala , April 25, 201 6 ,   Africa , Economy , FDI , Finance , Gas , Infrastructure , Mozambique , Natural Resources , oil , SADC , South Africa SacOil Holding Ltd. held off joining its partners in signing a joint-venture agreement to build a $6 billion pipeline to transport gas from offshore Mozambique to South Africa’s commercial heartland of Gauteng. “The board felt we didn’t want to rush the process,” which should be completed in the next three to four weeks, SacOil Chief Executive Officer Thabo Kgogo said by phone on Monday, after the company issued a statement to the Johannesburg Stock Exchange. “We’re still in the project.” SacOil said its partners, including Mozambique’s national oil company, China Petroleum Pipeline Bureau and China Petroleum & Technology Development Corp., signed the agreement on the African Renaissance Pipeline on April 22. The 2,600-kilomet...

SECRET LOANS: What happens now? By: Joseph Hanlon MOZAMBIQUE: News reports & clippings 316 24 April 2016 Like a naughty schoolboy caught smoking in the bike shed who is then summoned to the school principal's office, Prime Minister Carlos Agostinho do Rosario flew to Washington to appear before IMF Managing Director Christine Lagarde. Apparently he confessed to her that at least $1.35 bn in loans were taken out in secret without telling parliament or donors - or, most importantly, the IMF. At least $2.2 bn - equivalent to all government spending for five months - has been squandered in secret on boats of dubious necessity and, it is widely assumed, on corrupt payments. So, what happens now? There are two guiding principles which will shape whatever happens. First, Frelimo is obsessed by maintaining unity at all costs. Ever since Eduardo Mondlane was assassinated in 1969, Frelimo has realised that it can only gain and keep power by not splitting up. T...