9 °c
London
Monday, April 19, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Samsung Heavy Industries to Win $2,5B Mozambique Coral FLNG Project

FurtherAfrica by FurtherAfrica
November 24, 2016
in Africa, Development, Economy, Energy, FDI, Finance, Mozambique, Natural Resources
Reading Time: 2 mins read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Samsung Heavy Industries (SHI) is close to landing a US$2.5 billion order to build a floating LNG (FLNG) vessel abroad for Italian energy company ENI.

South Korea-based shipbuilder Samsung Heavy Industries (SHI) is close to landing a US$2.5 billion (2.94 trillion won) order to build a floating LNG (FLNG) vessel abroad for Italian energy company ENI. SHI has had the greatest expectation for the project this year.

According to shipbuilding industry sources on November 21, Italy’s state-run energy firm ENI held a board meeting on the 18th (local time) and approved an investment plan for the Coral FLNG project in Mozambique.

SHI has formed a consortium with France-based Technip and Japan-based JGC to lead the project. There have been much concerns that SHI will be able to sign a formal contract for the project due to the prolonged low oil prices, though the consortium has been selected as a preferred bidder.

However, ENI signed an agreement with British oil company BP to sell the entire volume of LNG produced by the Coral project for a period of over twenty years last month, and the board of ENI approved the investment plan for the project this month. Accordingly, SHI has got the green light for the conclusion of the deal by the end of this year.

As the ENI, which owns a 70 percent stake in the Coral project, has authorized the investment plan, other concessionaires, which own a 10 percent stake each such as Korea Gas Corp., Portugal’s Galp Energia and Mozambique’s Empresa Nacional de Hidrocarbonetos (ENH), are also expected to hold the board meeting to approve the investment plan for the project.

SHI set this year’s order target at US$5.3 billion (6.24 trillion won) earlier but it has so far received orders worth as low as US$800 million (941.2 billion won). Once the company wins the Coral project the total amount of orders awarded will jump to US$3.3 billion (US$3.88 trillion won). In addition, it will be meaningful for SHI to obtain the Coral project as the company is on the verge of losing the Gail LNG tanker project.

An official from SHI said, “We haven’t concluded the contract yet but we believe that it will be signed by the end of this year.”

Source: Business Korea

Related

Tags: AnadarkoBPEnergyENHENIFLNGGasLiquid Natural GasLNGMozambiqueNatural GasrovumaSamsung Heavy IndustriesSHIモザンビーク莫桑比克
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Mozambique’s ENH Approves Investment Plan For Eni’s Coral South Project

Next Post

Banco BPI shareholders postpone decision on sale of Angolan stake

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Currency

Zimbabwe considering bank fines, suspensions over currency gouging

by Staff
April 19, 2021
gas processing plant Angola
Angola

Angola to launch oil and gas licensing round on April 30

by Duarte Marques da Cruz
April 19, 2021
Where To Invest In Africa 2020 – RMB Report
Economy

Sub-Saharan Africa’s economic growth set to recover in 2021 – IMF

by FurtherAfrica
April 19, 2021
Fintech

South African fintech Peach Payments secures funding with plans to expand across Africa

by TechGist Africa
April 19, 2021
Aviation

Air Zimbabwe creditors to be paid through 1 to 1 Zimbabwe/US dollar ratio

by Staff
April 19, 2021
Next Post

Banco BPI shareholders postpone decision on sale of Angolan stake

Zimbabwe sees better use of production capacity

Tanzania mining sector proves very lucrative

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?