Swiss major, Vitol Inc and Mozambique’s state oil company ENH has formed a shareholding trading commodity company named ENH energy Trading, says a press release issued on September 19, 2019
The ENH trading plan to trade liquefied natural gas(LNG), liquefied petroleum gas (LPG) and condensate to the global market allowing Mozambique’s ENH to create new value, build capacity and develop expertise in commodity trading.
Mozambique national oil companies ENH and Vitol have respectively 51 and 49 percent share in the company
: “Our expectation for this JV is to embark on a path into international commodity trading markets to support our growth. As the national oil company of Mozambique operating actively in the upstream, we are confidently expanding our operations overseas, and building a reputable asset for future generations.” Dr. Omar Mithá, Chairman, ENH, says.
In addition, Russell Hardy, Vitol CEO says: “We are delighted to be forming this partnership and be part of Mozambique’s growth story. We very much look forward to replicating our previous experience of partnering with a NOC and working with ENH to build ENH Energy Trading into a successful trading company with the expertise to serve Mozambique’s energy needs.”
Mozambique has been the site of recent large scale natural gas discoveries. The country has up to 125 trillion cubic feet (tcf) of natural gas in place, making it among the world’s most significant hydrocarbon finds in the last decade
On June 18, 2019, US-based firm Anadarko Petroleum announced a final investment decision (FID) on the Mozambique LNG project. Industry experts predict that Mozambique could become the world’s third-largest exporter of liquefied natural gas (LNG).