French oil major Total has completed the acquisition of Anadarko's 26.5% st...
) has completed the acquisition of Anadarko’s APC.N 26.5% stake in Mozambique’s liquefied natural gas project for $3.9 billion, Total said on Monday, in a deal expected to raise much-needed revenue for Mozambique.
“Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas,” Total chairman and CEO Patrick Pouyanne said in a statement. Total will be the main operator of Mozambique LNG with a stake of 26.5%. ENH Rovuma Área Um, S.A. will own 15%, Mitsui E&P Mozambique Area1 Ltd will hold 20%, ONGC Videsh Ltd, Beas Rovuma Energy Mozambique Limited and BPRL Ventures Mozambique B.V. will all each have 10%, while PTTEP Mozambique Area 1 Limited will have 8.5%.
It added that nearly 90% of the Mozambique LNG production has already been sold through long-term contracts with key LNG buyers in Asia and in Europe.The Mozambique government is targeting $880 million in capital gains tax from the takeover of Anadarko Petroleum by Occidental, local newspaper O Pais reported last week.
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