Monday, September 16, 2019
Eximbank of Korea to Finance Gas Field Development Project in Mozambique
Financial Support
Eximbank of Korea to Finance Gas Field Development Project in Mozambique
  • By Jung Suk-yee
  • June 28, 2017, 09:45
Share articles

Export-Import Bank of Korea CEO Choi Jong-ku (fourth from the left) met with Eni CFO Massimo Mondazzi (third from the left) in Rome, Italy on June 26 (local time).
Export-Import Bank of Korea CEO Choi Jong-ku (fourth from the left) met with Eni CFO Massimo Mondazzi (third from the left) in Rome, Italy on June 26 (local time).

 

The Export-Import Bank of Korea (Korea Eximbank) of Korea announced on June 27 that its CEO Choi Jong-ku signed a project financing contract on June 26 for offshore gas field development in Mozambique. The gas field development project is a joint project of the Korea Gas Corporation, Exxon Mobil, Italian energy company Eni and Empresa Nacional de Hidrocarbonetos (ENH) of Mozambique. The signing ceremony was held in Rome, Italy.

In the project, the eight institutions including the Export-Import Bank of Korea, the Korea Trade Insurance Corporation and the Export-Import Bank of China are scheduled to provide a total of US$5 billion as creditors. According to the contract, the Export-Import Bank of Korea is responsible for one-fifth of the amount.

The floating liquefied natural gas (FLNG) facilities that are required for the gas field development are slated to be built by Samsung Heavy Industries. According to the Export-Import Bank of Korea, this project is expected to make a great contribution to employment by allowing Samsung Heavy Industries to maintain 2,300 man-days and more than 1,000 small and medium-sized enterprises to take part in the project.

The CEO also had a meeting with Eni CFO Massimo Mondazzi that day, discussing more South Korean companies’ participation in African markets.