September 2021 \ News \ BUSINESS NEWS
Indian oil majors could be back in business in Mozambique

India is closely monitoring the developments in Mozambique ...

By MahuaVenkatesh

India is closely monitoring the developments in Mozambique as a 1000 strong Rwandan force entered the country in a bid to help Maputo fight terror groups that have been gaining a stronghold in the country. The mineral rich country is not only home to a sizable Indian diaspora but several companies including ONGC Videsh have huge investments in Mozambique.

State owned ONGC Videsh Ltd and Oil India Ltd along with other foreign investors had secured $14.9 billion debt to part-finance their $24.1 billion liquefied natural gas (LNG) project being built on the Afungi peninsula. The project with one of the largest investments in Africa, is led by the French behemoth Total Energies, is expected to produce 12.88 million tonnes per annum of LNG.

Following the Islamic State (IS)- orchestrated ghastly attacks in the resort town of Palma, Cabo Delgado province very close to the LNG project, Total recalled its entire staff force from the site. Work has been currently stalled at the site.

“French behemoth Total Energies is the operator for Area1 Mozambique LNG Project. The Operator had to temporarily stop the work due to force majeure situation and the project activities shall start as soon as the security situation becomes manageable from safety and security point of view,” ONGC Videsh in an emailed response to India Narrative’s queries said.

Tags: India, Africa