A new energy trading company has been launched to promote Mozambique’s gas industry.
Global energy and commodities firm Vitol has partnered with Mozambique’s state-owned Empresa Nacional de Hidrocarbonetos (ENH) to form ENH Energy Trading. The facility will focus on promoting the country’s energy commodities such as liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate, according to a company statement.
ENH will initially own 51% of the Singapore-based partnership, and Vitol 49%. ‘Our expectation for this joint venture is to embark on a path into international commodity-trading markets to support our growth,’ says ENH chairman Omar Mithá. ‘As the national oil company of Mozambique operating actively in the upstream, we are confidently expanding our overseas operations, and building a reputable asset for future generations.’
In addition to Mozambique’s estimated 125 TCF of technically recoverable gas reserves, it is expected that the new company’s first phase of development could produce more than 30 million tons of LNG per year as well as ‘significant quantities’ of LPG and condensate.
