African Development Bank approves US$150 million for Coral North FLNG project
Published by Jessica Casey,
Editor
LNG Industry,
The Board of Directors of the African Development Bank have approved a US$150 million senior loan to support the development of the Coral North floating LNG (FLNG) project, a transformative energy infrastructure initiative located offshore Mozambique.
Building on the success of Coral South FLNG, which became operational in 2022, the Coral North FLNG project will develop, construct, and operate an FLNG facility with a capacity of 3.55 million tpy approximately 55 km off the coast of northern Mozambique’s Cabo Delgado province.
The project is led by Eni S.p.A., a global energy company with extensive LNG expertise, and is expected to cost more than US$7 billion. In addition to the African Development Bank Group, financing will be provided by other development finance institutions, export credit agencies and commercial lenders. Coral North is estimated to generate more than US$20 billion in fiscal revenues over its lifetime. In addition to significantly boosting the Mozambican economy, it will create considerable short-term and permanent job opportunities in construction and operations.
The project commits to set aside a portion of LNG production for, clean cooking access, domestic industrial development, gas export to the Southern African Development Community (SADC) region, as well as development of gas-to-power projects, which will enhance the region’s energy security and resilience.
The project will also increase Africa’s contribution to, and benefit from, the increasing global demand for LNG while also strengthening Mozambique’s position as a leading player in SADC’s energy market.
Read the article online at: https://www.lngindustry.com/floating-lng/23012026/african-development-bank-approves-us150-million-for-coral-north-flng-project/