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			<title><![CDATA[Mozambique: Government plans to invest €193.3 million strengthening rail transport by 2030]]></title>
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			<description><![CDATA[The Mozambican government announced on Saturday that it intends to invest around €193.3 million by 2030 in the duplication of railway lines and the acquisition of carriages, locomotives and wagons to reinforce the capacity to transport passengers and goods.

“In the southern and central railway system, under the direct management of the company Portos e Caminhos de Ferro de Moçambique (CFM), we plan to invest around 14 billion meticais (€193.3 million) in the period 2025-2030 in the implementation of strategic projects,” said Minister of Transport and Logistics João Matlombe at the inauguration of three new locomotives in Maputo.

Minister Matlombe said that the government wants to invest the money in completing the doubling of the remaining 25 kilometres of the Ressano Garcia railway line in Maputo, which connects Mozambique and South Africa, and also in the acquisition of more than 30 carriages with the aim of increasing passenger transport capacity. With the same money, the Government of Mozambique intends to acquire at least 250 wagons and purchase at least 15 locomotives by 2030 to meet the growing demand for mineral transport.

The Minister of Transport and Logistics said that the three new locomotives inaugurated on Saturday, which cost 422.4 million meticais (€5.8 million), are intended to increase passenger rail transport capacity in the Greater Maputo region, acknowledging their impact on community development.

“The three locomotives we are inaugurating today are part of a batch of 15 to be acquired to increase traction capacity to meet the growing demand for transport services on the country’s southern and central railway system,” Matlombe said. He operating results of state-owned company Porto e Caminhos de Ferro de Moçambique (CFM) rose 55% in 2024, to almost 2.52 billion meticais (€34.7 million), and more than seven million passengers were transported, the board announced. 

According to information from the chairman of the board of directors of CFM, Agostinho Langa, which Lusa had access to on April 14, this performance contrasts with the operating result of 1.63 billion meticais (€22.5 million) in 2023, a balance that is still provisional but already considered “positive”, despite the “constraints” in 2024, namely the impact of several months of post-election social unrest.

CFM operates the Ressano Garcia, Limpopo and Goba railway lines, the Beira Railway System, which includes the Sena, Machipanda and Marromeu lines, the section common to the three lines of the southern network and the Maputo manoeuvring area, the general workshops of the south and centre and the Matola Aluminium Terminal. 

It also operates the fuel terminals in all national ports, the cereal and coal terminals in the port of Maputo, and the ports of Quelimane, Nacala and Pemba.

Source: Lusa]]></description>
			<author><![CDATA[sju9524]]></author>
			<pubDate>Mon, 19 May 2025 16:20:22 +0000</pubDate>
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			<title><![CDATA[Mozambique: TotalEnergies chair guarantees gas project will restart]]></title>
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			<description><![CDATA[The chairman of TotalEnergies said on Thursday that almost 80% of the $14 billion needed for the mega gas project in Cabo Delgado is guaranteed and that he will be meeting Mozambique’s next president this month in Maputo.

 

At a meeting with investors on Wednesday, the head of the French oil company, Patrick Pouyanné, recognised ‘progress on the ground’ in the fight against terrorism, which in 2021 led TotalEnergies to suspend investment in Cabo Delgado and underlined the ‘alliance’ that Mozambique has with Rwanda, which ensures security in the area where the project is located, on the Afungi peninsula.

 

‘There is an election in Mozambique [general elections on 9 October], a new President will arrive. I intend to visit Mozambique at the end of the month to meet him and discuss how the new Mozambican authorities intend to maintain this alliance with Rwanda,’ announced Patrick Pouyanné.

 

Mozambique is holding its seventh presidential elections on 9 October, in which the current head of state, Filipe Nyusi, who has reached the constitutional limit of two terms, is no longer running, at the same time as the seventh legislative elections and the fourth elections for provincial assemblies and governors.

 

Pouyanné added at the meeting that the project for that area, ‘inherited from Anadarko’ – TotalEnergies bought that oil company’s 26.5% share in Mozambique LNG (Area 1) in 2019 for $3.9 billion (€3.5 billion), had a “fairly large” financing package of around $14 billion (€12.7 billion), and that of that total, “70 to 80%” is “confirmed” by the financiers.

 

‘They’re committed to it, and we’re waiting for three of them to confirm their commitment because it’s important. Some of them are in Western countries where, I would say, the position on financing energy projects and oil and gas projects has changed. But they all tell us, repeat to us, that they are committed to the contract they signed. That’s why we’re waiting for the green light for this financing,’ he explained, saying that they are only waiting for this confirmation to “restart the project”.

 

He insisted that the goal is to start producing Liquefied Natural Gas (LNG) in Afungi in 2029, which implies that the project is expected to ‘restart in 2024’.

 

Mozambique has three development projects approved to exploit the natural gas reserves in the Rovuma basin, which is classified as one of the largest in the world, off the coast of Cabo Delgado.

 

TotalEnergies, leader of the Area 1 consortium, is developing the construction of a plant in Afungi, near Palma, to produce and export natural gas, which has been suspended since 2021 due to the terrorist attacks.

 

The president of Mozambique said on 2 May in Maputo that it was essential to resume natural gas megaprojects given the ‘promising stability’ in Cabo Delgado, the scene of terrorist attacks, saying that financial decisions cannot be argued at this stage.

 

‘This is fundamental because financial decisions cannot now be a problem associated with the terrorist situation. This project already existed. It’s old. That means there was clarity in its execution. It can’t run aground for this reason, let’s look for others,’ criticised Filipe Nyusi.

 

Source: Lusa]]></description>
			<author><![CDATA[sju9524]]></author>
			<pubDate>Fri, 06 Dec 2024 08:20:20 +0000</pubDate>
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			<title><![CDATA[Mozambique: IMF expects resumption of TotalEnergies LNG project this year]]></title>
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			<description><![CDATA[The International Monetary Fund (IMF) anticipates the resumption of TotalEnergies’ liquefied natural gas (LNG) megaproject in Cabo Delgado, northern Mozambique, this year (2024), with first exports within four years.

 

“The onshore LNG project led by TotalEnergies is expected to resume development in 2024,” reads an IMF report on the fourth review of the Extended Credit Facility (ECF) program, completed this month and consulted today by Lusa.

 

Following the 2021 terrorist attacks in Cabo Delgado, TotalEnergies, which leads the Area 1 LNG consortium, suspended the project, one of the largest investments in Africa, valued at US$20 billion (€18.2 billion).

 

“With a view to improving security in the north, TotalEnergies carried out an assessment of the human rights situation in May 2023 and developed an action plan that establishes a basis for local socio-economic development,” the IMF report reads.

 

“Although they have not yet announced the official resumption of the development phase, it is scheduled for 2024, as soon as project financing is secured,” it adds, while forecasting the start of LNG exports for 2028, a year later than previously.

 

“However, the Coral FLNG project led by ENI, which began production at the end of 2022, is assumed to have reached 70% of annual capacity in 2023, and almost full capacity in 2024,” the report continues, admitting that revenue from natural gas exports will initially be less than 0.1% of GDP in 2023.

 

“[Revenue] is expected to reach 0.6% of GDP in 2028, when the first onshore project begins production,” the report states.

 

Mozambique has three natural gas projects approved for development in the Rovuma basin reserves, ranked among the largest in the world.

 

TotalEnergies is currently developing a plant near Palma for the production and export of natural gas, suspended since 2021 due to terrorist attacks.

 

The president of TotalEnergies, Patrick Pouyanné, in May acknowledged “positive progress” towards the resumption of this project, but without committing to any timeline.

 

“We are working on it, and it is better to work like this, it is gradual,” Patrick Pouyanné told journalists in Rwanda after a meeting with the Mozambican president, Filipe Nyusi, in which the status of the TotalEnergies project and security in Cabo Delgado were discussed.

 

“We discussed the conditions for resuming the project in Cabo Delgado. I believe we have made positive progress with all contractors and from that point of view we are ready to resume. We are also working with all funders to resume financing the project, and it is progressing well,” Pouyanné added.

 

Pouyanné said that he discussed with Filipe Nyusi the “security situation” and “the progress that has been achieved, in particular in the north of Cabo Delgado”, guaranteeing that the French oil company is “working in Palma”, although without clarifying whether the project would definitely be resumed this year.

 

“It shouldn’t be like this. It should be step by step, and when all things are put together, we will communicate,” he said.

 

President Nyusi said in Maputo on May 2 that it was essential to resume natural gas megaprojects given the “promising stability” in Cabo Delgado, and that financial decisions could not be an argument at this stage.

 

“This is essential because it cannot be a financial decision problem, now, associated with the terrorist situation. This project already existed, it is old. This means that there was clarity in its execution. It cannot run aground for this reason; let us look for others,” President Nyusi said.

 

Source: Lusa]]></description>
			<author><![CDATA[sju9524]]></author>
			<pubDate>Wed, 04 Sep 2024 15:13:33 +0000</pubDate>
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			<title><![CDATA[Mozambique wins UK lawsuit against Privinvest over 'tuna bond' scandal]]></title>
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			<description><![CDATA[By Sam Tobin July 29, 202410:23 PM GMT+9


LONDON, July 29 (Reuters) - Mozambique has substantially won its $3.1-billion lawsuit at London's High Court against Emirati-Lebanese shipbuilder Privinvest for allegedly paying bribes in relation to the decade-old "tuna bond" scandal.

The southeast African country sued Privinvest and its now late owner Iskandar Safa, alleging they paid bribes to Mozambican officials and Credit Suisse bankers to secure favorable terms on three projects in 2013 and 2014, including one designed to exploit Mozambique's tuna-rich coastal waters.

Judge Robin Knowles on Monday ruled "substantially in favour" of Mozambique, which he said had been exploited by highly developed institutions and corporations that should have known better.

In his written ruling, the judge said Mozambique is entitled to payment of just over $825 million from Safa and companies in the Privinvest group, plus an indemnity in relation to $1.5 billion it is liable to pay lenders and bondholders, less around $420 million already recovered by the country.

The trial centred on deals struck by state-owned companies with Privinvest for loans and bonds from banks including Credit Suisse for fishing boats and maritime security, projects backed by undisclosed state guarantees.

But hundreds of millions of dollars went missing and, when the government debt came to light in 2016, donors such as the International Monetary Fund temporarily halted support, triggering a currency collapse, defaults and financial turmoil.

"The scale and nature of what was able to happen in this case presented systemic threat to Mozambique's economy," Knowles said in his ruling, although he was also critical of the country's own officials.

Mozambique's case was brought against Credit Suisse, since taken over by UBS (UBSG.S), opens new tab, three of the Swiss lender's former employees – who had pleaded guilty in the United States – Privinvest, Safa and others.

Credit Suisse agreed an 11th-hour settlement with Mozambique in October before reaching a deal with Privinvest during the trial, allowing the lender to draw a line under the scandal which had already seen the bank pay out hundreds of millions.

MOZAMBIQUE 'HUSTLED'

Mozambique's case continued, with the focus now on Privinvest and Safa, who denied any wrongdoing and said any payments were lawful. Their lawyers argued the case was a politically-motivated attack to deflect blame from Mozambican President Filipe Nyusi and other senior officials.

Knowles ruled largely in Mozambique's favour, finding that Safa and Privinvest were prepared to promise or pay "whoever it took" and paid bribes to then Finance Minister Manuel Chang – who is currently on criminal trial in New York.

"Mozambique was hustled to buy what it couldn't use properly and didn't need and wasn't prepared for," Knowles said.

A spokesperson for Mozambique's Attorney General's Office said the government will continue working to eradicate corruption and organized and transnational crime and hold accountable those involved.

In a statement, a spokesperson for Privinvest said it intends to appeal against the finding it paid bribes to Chang and that it was unfair that it may face the burden of hundreds of millions of dollars of damages.

The tuna bond or "hidden debt" case has also triggered criminal investigations from Maputo to New York.


Reporting by Sam Tobin, Additional reporting by Manuel Mucari in Maputo, Editing by Kylie MacLellan, Kirsten Donovan]]></description>
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			<pubDate>Wed, 04 Sep 2024 15:10:14 +0000</pubDate>
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			<pubDate>Wed, 04 Sep 2024 15:03:05 +0000</pubDate>
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