Africa Commodities Economy Energy FDI Finance Gas Government Mozambique Natural Resources

Mozambique to get $350 mln in tax from Eni-Exxon deal

Mozambique will get $350 million in capital gains tax from Eni after the Italian oil and gas company agreed to sell a stake in a gas field to Exxon Mobil Corp, senior tax official Anibal Mbalango said on Tuesday.

Exxon, the world’s biggest publicly traded oil producer, agreed earlier this month to pay Eni $2.8 billion for a 25 percent stake in a Mozambican gas field.

Eni is currently the operator of Mozambique’s Area 4 licence which, with 85 trillion cubic feet of gas, is one of the world’s largest gas discoveries in recent years.

The deal offers Mozambique the chance to transform itself from one of the world’s poorest countries into a global LNG exporter.

Source: Yahoo Finance

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