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Eni, Mozambique in tax and power plant deal

Aug. 14, 2013 at 7:12 AM   |   Comments

MAPUTO, Mozambique, Aug. 14 (UPI) -- Italian energy company Eni said it reached a deal in Mozambique that will help with the construction of a 75 megawatt power plant in the East African country.

Italian Chief Executive Officer Paolo Scaroni met Mozambique President Armando Guebuza to discuss the status of ongoing projects and developments.

The company said in a statement it agreed to pay $400 million in tax on the $4.2 billion sale of a stake in a natural gas field to the China National Petroleum Corp.

"The agreement enables the payment, as of Aug. 23 of $400 million and the construction of a 75 megawatt power plant in Cabo Delgado province," the company said Tuesday.

In April, Eni said it was finalizing development plans for what it said was a "huge resource base" in Mozambique. It estimated there are 80 trillion cubic feet of natural gas at its Mamba Complex and Coral discoveries.

Scaroni discussed export options for liquefied natural gas with Guebuza last year. The Italian company in 2012 posted a series of major natural gas discoveries off Mozambique.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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