By LIAM MOLONEY and SELINA
LONDONEni SpA, Italy's biggest oil and energy company
by volume, has the expertise to build a liquefied natural
gas (LNG) plant in Mozambique that will allow the large natural
gas discoveries in the East African country to be shipped
to energy-hungry Asian countries.
China National Petroleum Corp. (CNPC) will share in the costs
to build the LNG
plant in Mozambique after it signed a deal to buy a 20% stake
in Eni's massive offshore gas field, Eni's head of exploration and production , Claudio
Descalzi, told reporters at a conference in London.
Eni said it agreed to sell the 20% stake to CNPC for $4.21
billion, in a deal that will leave it with a 50% stake in the
Area 4 field. The Rome-based company is open to reducing its
stake further in the field if a deal will give greater solidity
to the project, said Eni CEO Paolo Scaroni
at the same conference.
The maximum tax amount that Mozambique will take on the CNPC
sale price is 10%, said Mr. Descalzi, when ask by an analyst.
Mr. Descalzi also said he was not aware of Mozambique officials
wanting a bigger share of the price it will receive from the
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