Monday, May 23, 2022
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home in Southern Africa

TotalEnergies Mozambique LNG project may resume within 18 months, says AfDB

by SAT Reporter
August 30, 2021
in in Southern Africa, Just In, Mozambique
0
TotalEnergies Mozambique LNG project may resume within 18 months, says AfDB
0
VIEWS

JOHANNESBURG, (The Southern African Times) – TotalEnergies’ liquefied natural gas (LNG) project in Mozambique could be back on track within the next 18 months after African armies deployed to help quell an insurgency, the president of the African Development Bank (AfDB) said on Friday.

The French energy giant declared force majeure on the $20 billion project in April after Islamic State-linked fighters overran the town of Palma, on the doorstep of its facilities in the northern Cabo Delgado province. It estimated at the time the disruption would delay development by at least a year.

Troops from Rwanda and members states from the Southern African Development Community (SADC) have since deployed to support Mozambican forces to help put down the insurgency.

AfDB president Akinwumi Adesina told Reuters he did not expect the interruption to affect the LNG project’s long-term viability.

“The return of security in that place will give assurances to Total and others to return,” he said. “In one year to 18 months, I expect it to be stabilised enough to get back on track.”

TotalEnergies declined to comment on Adesina’s remarks.

The AfDB is lending $400 million to the project, which is Africa’s largest ever foreign direct investment and a lynchpin of Mozambique’s economic development strategy.

“It gave us real concern when Total declared force majeure and they had to move out. But you can understand because of the insecurity situation,” Adesina said.

Southern African nations agreed in June to send troops to assist Mozambique, and Rwanda, which is not a SADC member, deployed 1,000 soldiers a month later.

Mozambican President Filipe Nyusi has said the army is now retaking ground in Cabo Delgado. Last month, Mozambican and Rwandan security forces recaptured the port town of Mocimboa da Praia, previously an insurgent stronghold

But Adesina said insecurity was still restricting investment in other parts of Africa, pointing to conflict zones in Chad, Mali, Burkina Faso, northern Nigeria and Cameroon.

He said the AfDB was developing facilities, including security-indexed investment bonds, to help African countries tackle insecurity and rebuild after unrest.

“Without security, you can’t have investment and you can’t have development,” he said.

Previous Post

International community must act to avert a two-speed global economic recovery post Covid-19

Next Post

BioNTech eyes Rwanda, Senegal for malaria, tuberculosis vaccine production

SAT Reporter

Related Posts

Meet Mukuru one of Africa’s fastest-growing Fintech firms in 2022
Finance

Meet Mukuru one of Africa’s fastest-growing Fintech firms in 2022

by SAT Reporter
May 23, 2022
West African Startup Autochek Acquires Morocco’s Online Car Market Kifal
African Start ups

West African Startup Autochek Acquires Morocco’s Online Car Market Kifal

by SAT Reporter
May 23, 2022
Biden launches economic framework aimed at countering China
Asia

Biden launches economic framework aimed at countering China

by SAT Reporter
May 23, 2022
African leaders to attend 2022 World Economic Forum in Davos
Business

African leaders to attend 2022 World Economic Forum in Davos

by SAT Reporter
May 23, 2022
Senegal president to visit Moscow, Kyiv for the African Union
International news

Senegal president to visit Moscow, Kyiv for the African Union

by SAT Reporter
May 23, 2022
Next Post
BioNTech eyes Rwanda, Senegal for malaria, tuberculosis vaccine production

BioNTech eyes Rwanda, Senegal for malaria, tuberculosis vaccine production

Premium Content

Outbreak of pneumonic plague in Madagascar has Oxford scientists racing to develop vaccine

Moderna To Supply Africa With Up To 110 Million Covid-19 Vaccine Doses

October 26, 2021

How this e-commerce startup is exporting “Made in Ethiopia” products to the world

June 12, 2020
Egypt Opens International Agricultural expo for Africa

Egypt Opens International Agricultural expo for Africa

September 12, 2021

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • BOTSWANA
  • Botswana
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

African business news Africa New Africa News african footballer African investments African manufacturing industry African news African start-up Business Classic Content coronavirus Cyclone Idai Egypt Explore Bali Finance Foods football Health Hopewell Mauwa kwacha Life Style mali news Market Stories MthuliNcube news Odion Ighalo Oilandgas Pandemic Premium reserve bank of Zambia Russia soccer South Africa Southern African News sports Stay Home United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn Zimbabwe job creation

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?