Seoul — The Chairperson of the Board of Directors of the Korean oil company Kogas, Yeon-Hye Choi, has expressed her commitment to continue investing in the billion-dollar natural gas production project underway in Area 4 of the Rovuma basin, off the coast of the northern Mozambican province of Cabo Delgado.
The commitment was expressed during an audience granted to Yeon-Hye Choi, in Seoul, by the Mozambican President, Filipe Nyusi, in which they discussed the need to establish more security against the Islamist terrorists who have been plaguing some districts of Cabo Delgado.
Kogas is a partner in Area 4 of the Rovuma Basin, which is operated by Mozambique Rovuma Venture (MRV), a joint venture between ExxonMobil, the Italian energy company Eni and CNPC of China, which holds a 70 per cent participating interest in the concession contract.
Kogas, the Portuguese company Galp and Mozambique's own National Hydrocarbon Company (ENH) each hold a 10 per cent stake in Area 4.
Choi expressed her satisfaction with the meeting, saying she had a very fruitful conversation with the President, during which they both shared a vision for the future. They also reviewed the course of the project to distribute natural gas for domestic consumption in Mozambique.
The deputy minister for Mineral Resources and Energy, António Saíde, explained that the meeting was also aimed at assessing the progress of the projects in Area 4.
"Yeon-Hye Choi said she was confident in the Mozambican market because it can contribute to energy stability around the world, which is why they are going to continue with this natural gas project', Saide said.
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As for the delays in channeling natural gas to Maputo and the neighbouring city of Matola, Saíde said that the mass distribution project is still underway.
He explained that the Covid-19 pandemic which hit the entire world had caused some of the delays, "but it's over now and redefinitions have to be made to ensure that there is progress and greater speed in implementing the project.'
"What had been planned for domestic plumbing was around 500 connections, but around 350 connections have already been made and we want to believe that those that remain can be made in the near future', he added.
As for large scale consumers, he said that there are around 30 industries connected to the natural gas distribution network.
On Monday afternoon, Nyusi also received in audience Jung Wan Baek, CEO of the construction and engineering company Daewoo.
"At the moment, we are involved in the LNG projects in northern Mozambique, but we also hope to invest in other areas such as infrastructure, housing construction and others', said Jung Wan Baek.
