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In Mozambique, while the country is not spared by the economic impacts of the war in Ukraine, President Filipe Nyusi spoke on Tuesday 9 August. He announced a series of measures to stimulate the economy given the high cost of living. Among these measures, the creation of a sovereign fund for future gas revenues.
The president wishes to create and implement a sovereign fund of Mozambique, which will have a “ strong regulatory framework “. This in order to fight against the revenue volatility he clarified. An announcement made by the President Nyusi while gas production has not yet started. The Italian company ENI, whose infrastructure is entirely offshore, is currently the most advanced. It foresees the start of LNG export within a few months. With the conflict in Ukraine, gas production is particularly expected by Europe.
Three megaprojects are being developed by the French TotalEnergies, the Italian ENI, and the American ExxonMobil. If these deposits are exploited, Mozambique would become one of the world’s top 10 exporters.
The security issue at stake
However, the insecurity created by jihadist groups in Cabo Delgado, where a large part of the discovered deposits is located, has slowed the progress of other projects. The attacks near the construction sites prompted Total to freeze its project to “ major force in 2021. Military efforts are being made in the area with the support of Rwandan forces and the Southern African organization who are there.
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