Eni started the implementation of Coral South LNG project

The President of the Republic of Mozambique Filipe Nyusi, the Minister of Mineral Resources Leticia Klemens, and Eni’s CEO Claudio Descalzi, participated today to the launch of the Coral South LNG project implementation phase.
Coral South is the first project in the development of the considerable gas resources discovered by Eni in Area 4 of the Rovuma Basin. This opening comes three years after the drilling of the final exploration well in a country that is a newcomer to the global gas market. The Floating Liquefied Natural Gas unit will have a capacity of around 3.4 million tons per year and will be the first FLNG in Africa and the third globally.
The FLNG facilities construction will be financed through Project Finance covering around 60% of its entire cost.
Eni is the operator of Area 4, through its participation in Eni East Africa (co-owned with China’s CNPC, part of which has been sold to ExxonMobil in some months), which holds a 70% participating interest in the concession.