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Exxon to make $500m initial investment in Mozambique LNG project

Exxon Mobil will invest more than 500 million dollars in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique, the U.S. energy company said on Tuesday.

Exxon head of power and gas marketing Peter Clarke made this known at the signing ceremony for the project in Maputo.

Clarke said the construction of onshore facilities was awarded to a consortium led by Japan’s JGC, U.K firm TechnipFMC and U.S. company Fluor Corp, aside Exxon.

The 30 billion dollars Rovuma LNG project, which has a capacity of 15 million tonnes a year (mtpa) will pump much-needed cash into the southern African nation’s ailing economy.

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