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    Vitol, Mozambican ENH form Trading Venture

Summary

ENH Energy Trading will initially be owned 51% by ENH and 49% by Vitol.

by: Shardul Sharma

Posted in:

Natural Gas & LNG News, Africa, Liquefied Natural Gas (LNG), Security of Supply, Corporate, Import/Export, Investments, News By Country, Mozambique

Vitol, Mozambican ENH form Trading Venture

Vitol and Mozambican state-owned ENH have formed ENH Energy Trading, a joint venture commodity trading company, Vitol said September 17. ENH Energy Trading will initially be owned 51% by ENH and 49% by Vitol.

“ENH Energy Trading will focus on energy commodities, in particular, LNG, LPG and condensate, enabling ENH to create additional value and develop expertise in trading energy commodities,” Vitol said.

The company will be incorporated and based in Singapore. Vitol said it is anticipated that ENH’s stake in the joint venture will increase over time.

Mozambique has an estimated 125 trillion ft3 of technically recoverable gas resources and is looking to be an important player in the global LNG market. Earlier this year, Anadarko Petroleum (acquired by Occidental in August) announced a final investment decision (FID) on the Mozambique LNG project. Area 1 Mozambique LNG project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with a total nameplate capacity of 12.88mn metric tons/year to support the development of the Golfinho/Atum fields located entirely within offshore Area 1.

In addition to Anadarko, Mozambique Rovuma Venture is developing the 15mn mt/yr Rovuma LNG project. The first LNG from Rovuma LNG is expected in 2024.