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
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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