Italy turns to Mozambique for gas

Italy turns to Mozambique for gas. Italian energy giant Eni SpA plans to build a second liquefied natural gas facility in Mozambique that could be operational by 2026, Bloomberg reports. Europe has increasingly looked to Africa to diversify its suppliers of fuel since Russia’s invasion of Ukraine led to a European energy crisis. 

Prior to the war, Europe imported 45% of its natural gas from Russia, according to the International Energy Agency. Eni has signed deals with Algeria and Angola and is confident it will replace all Russian gas with other suppliers by 2025, Reuters reports. Italy relied on Russia for 40% of its natural gas last year, a figure that has since fallen to around 10%, Politico reports.

Eni already operates a $7 billion LNG platform that is expected to begin exporting gas this year. A $20 billion TotalEnergies LNG project near Eni’s platform was put on hold last year due to security issues.

Welcome to Frontier Markets News

Sign up to receive our frontier and emerging markets newsletter.

We don’t spam and we won't share your info!

Leave a Reply

Your email address will not be published. Required fields are marked *