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

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

The U.S. oil company’s $30 billion Rovuma LNG project, jointly operated with Italy’s Eni, has a capacity of more than 15 million tonnes a year and is set pump much-needed cash into the southern African nation’s ailing economy. Construction of onshore facilities has been awarded to a consortium led by Japan’s JGC, U.K firm TechnipFMC and U.S. company Fluor Corp.

Final investment decisions, a term used by the oil industry to mean the commercial and regulatory aspects of a project are finalised, would be made in 2020, Clarke said.

NO. EXXON BAD. $QED

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