Eni completes US$4.7 billion Coral South FLNG financing
Published by Joseph Green,
Editor
LNG Industry,
Eni announced on 6 December that it has closed the US$4.7 billion financing for its Coral South FLNG project in Mozambique.
The deal was split between seven banks.
Coral South FLNG project was sanctioned by the Area 4 partners for the development of the considerable gas resources discovered by Eni and its partners in the Rovuma Basin offshore Mozambique.
It targets the production and monetization of the gas contained in the southern part of the Coral gas reservoir, by means of a FLNG plant with a capacity of 3.4 million tpy.
In October 2016, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the Coral South project for a period of over twenty years.
Eni is the operator of Area 4, holding a 50% indirect interest through its participation in Eni East Africa (EEA).
In March 2017, Eni and ExxonMobil signed a sale and purchase agreement to enable ExxonMobil to acquire a 25% interest in Area 4, through EEA.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07122017/eni-completes-us47-billion-coral-south-flng-financing/
You might also like
IEEFA: Tidal wave of new LNG supply to flood market amid demand uncertainty
Sluggish demand growth for LNG, combined with a record increase in global export capacity through 2028, will likely thrust markets into an extended period of oversupply, according to the latest Global LNG Outlook from the Institute for Energy Economics and Financial Analysis.