Yeon-Hye Choi, Chairperson of the Board of Directors of the Korean oil company Kogas, has expressed a strong commitment to continue investing in the billion-dollar natural gas production project in Area 4 of the Rovuma Basin, off the northern coast of Mozambique’s Cabo Delgado province.
This commitment was reaffirmed during a meeting in Seoul with Mozambican President Filipe Nyusi. During the meeting, they discussed enhancing security measures against Islamist terrorist activities in some districts of Cabo Delgado.
Kogas is a partner in Area 4 of the Rovuma Basin, which is operated by Mozambique Rovuma Venture (MRV). MRV is a joint venture between ExxonMobil, Italy’s Eni, and China’s CNPC, holding a 70% stake in the concession contract.
Kogas, along with the Portuguese company Galp and Mozambique’s National Hydrocarbon Company (ENH), each holds a 10% stake in Area 4.
Yeon-Hye Choi expressed satisfaction with the meeting, highlighting a fruitful discussion with President Nyusi and a shared vision for the future.
They also reviewed the progress of the project aimed at distributing natural gas for domestic consumption in Mozambique.
António Saíde, the Deputy Minister for Mineral Resources and Energy, explained that the meeting also assessed the progress of projects in Area 4.
“Yeon-Hye Choi expressed confidence in the Mozambican market, emphasizing its potential contribution to global energy stability, which is why Kogas is committed to continuing this natural gas project,” Saíde said.
Addressing delays in channeling natural gas to Maputo and Matola, Saíde noted that the mass distribution project is still underway.
The Covid-19 pandemic caused some delays, but efforts are being made to expedite the project. “Initially, we planned around 500 domestic connections; about 350 connections have already been made, and we aim to complete the remaining ones soon,” he added. Additionally, approximately 30 industries are connected to the natural gas distribution network.
In a separate meeting, President Nyusi also met with Jung Wan Baek, CEO of the construction and engineering company Daewoo.
Jung Wan Baek expressed Daewoo’s involvement in LNG projects in northern Mozambique and its interest in investing in other sectors, such as infrastructure and housing construction.
