Mozambican Hydrocarbon Firm Gets Funding Support for Oil Project

The French Development Agency and the Development Bank of Southern Africa have agreed to provide a loan worth USD100 million to the Mozambican Hydrocarbon Co., or CMH.

The funding agreement, according to the Mozambique News Agency, will allow CMH to participate in an oil exploration project and tap natural gas deposits at Pande and Temane in the southern province of Inhambane.

South African company SASOL holds 70 percent of the shares of the gas project. CMH, which has a 25 percent share, represents Mozambican participation, whereas the International Finance Corp. holds the remaining 5 percent share.

Given the expansion of the project, oil production is expected to increase three times by 2012. 

About the author

  • Profile pic

    Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.

Join the Discussion