Mozambiql1e Offshore Area 1 Confirms Mozambique LNG Project Financing

Oil India Limited, a National Oil Company of India, announces that Rovuma Offshore Area 1 consortium (Area-L], led by TOTAL confirms, the finalization of the Mozambique LNG senior debt financing of USD 14.9 an for the two train LNGproject on 15th July 2020.

The JV has earlier approved the Final Investment Decision (FID) on 18th June 2019.

The senior debt financing comprises of:

- ECA Direct Loans (UKEF, US EXIM, JBIC and Thai EXIM),
- ECA Covered Facilities (UKEF, Atradius, ECIC, SACE and NEXI),
- commercial Bank facilities,
- and a loan facility with the African Development Bank.

The project expects to achieve financial close in the fourth quarter of this year.

Total E&P Mozambique Area 1, Limitada, a wholly owned subsidiary of Total SA, operates Offshore Area 1 with a 26.5 percent working interest. Co-venturers include ENH Rovuma Area Urn, S.A. (15 percent), Mitsui E&P Mozambique Areal Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy MOZambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and :PTTEP Mozambique Area 1 Limited (8.5 percent).

OIL is a sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% participating interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh.

Shares of OIL INDIA LTD. was last trading in BSE at Rs.95.75 as compared to the previous close of Rs. 95.2. The total number of shares traded during the day was 129789 in over 1428 trades.

The stock hit an intraday high of Rs. 97.95 and intraday low of 95.2. The net turnover during the day was Rs. 12566506.

Source : Equity Bulls

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