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Vol 58 No 6

Published 17th March 2017


Mozambique

Nyusi celebrates Exxon's entry

Bringing in the US oil giant was a personal triumph for the President but it won't raise as much tax as he hopes

President Filipe Nyusi felt the political ground underneath him get firmer when news of the Exxon-ENI deal came through. The United States oil giant ExxonMobil is buying 25% of the offshore liquefied natural gas project held by Italy's ENI (Ente Nazionale Idrocarburi) in northern Mozambique for US$2.8 billion. The purchase of half of ENI's 50% stake in Area 4 needs formal approval by the government, which will hope for a strong boost to public finances from the tax payable.

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