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Planned Investment of USD 24 Billion in Mozambique Gas Fields: Unveils Opportunity for LNG Imports to India

News

Oil and Natural Gas Corp (ONGC) and its partners will invest about $24 billion in producing natural gas from a giant field off Mozambique and converting it into liquid fuel (LNG) for export by ships to consumers like India.

Source: ET

SNP Insight

The planned investments by ONGC & its partners would help in developing world's second largest LNG facility after Qatar with an annual capacity of 20 MT. With the aim of exporting first gas in 2020, Mozambique can serve as the alternate destinate in the basket of LNG imports to India. Given interim benefit of strategic location to India, it may serve to the meet the enormous gas demand of the country in the coming years.

Source: SNP Infra Research