MACAUHUB NEWS SUMMARISED FOR MOZAMBIQUE From 24th July to 30th July 2013 Test oil well drilled by Norway’s Statoil in Mozambique shows no results July 24th, 2013 The Cachalote-1 test well, in Area 2 of the Rovuma basin in northern Mozambique, drilled by a consortium led by Norwegian oil company Statoil found natural gas of no commercial value but no oil, British company Tullow Oil said. Area 2, in which Statoil is the operator, is near Areas 1 and 4, where US group Anadarko Petroleum and Italy’s ENI discovered huge gas deposits. Tullow Oil’s director for exploration, Angus McCoss, said it remained likely that oil would be found in the block and that the consortium would now integrate data gathered through the exploration programme in order to increase the likelihood of finding oil in the sea off Mozambique. The price of the company’s shares on the stock exchange fell by over 11 percent after a test well in French Guyana saw no positive results and following delays in exploration projects in Ethiopia. Statoil has a 40 percent in both blocks, and the remaining 60 percent are split between Inpex Mozambique, a subsidiary of Japanese group Inpex Corp and Tullow Mozambique, both with 25 percent and Mozambican state company Empresa Nacional de Hidrocarbonetos with 10 percent. IMF expects Mozambican economy to grow by 8.5 pct in 2014 The Mozambican economy is expected to post growth of 8.5 percent in 2014, with revenues of 520 billion meticals (US$17 billion), according to the latest projections from the International Monetary Fund (IMF). The IMF points to an improvement in economic performance against 2013, when Mozambican GDP is expected to grow by 7 percent, with total revenues of 454 billion meticals (around US$15 billion). In terms of the population’s purchasing power, the organisation estimates that a rise in per capita income of US$50, from US$634 to US$684 in 2014. The IMF also projected that the average annual inflation rate would be 5.6 percent, which is slightly higher than the projection for this year (5.5 percent), but considerably higher than in 2012 (2.1 percent). The IMF also said that the country’s imports would be the equivalent of 11.3 percent of GDP and exports 20.9 percent, including large projects, and 8.4 percent and 26.2 percent, excluding large project. The IMF also points to the country’s external current account posting a deficit of 44.8 percent (excluding donations), corresponding to US$7.158 billion. Midwest Africa studies environmental impact of new coal mine in Mozambique Midwest Africa is carrying out the environmental pre-feasibility study to begin coal exploration in Zóbuè, in the north of the Moatize district of Mozambique’s Tete province, Mozambican newspaper Notícias reported. Citing a source from GMSC – Geological Management Services and Consultancy, Lda, the newspaper said that the Midwest Africa project includes construction of a 20 kilometre section of road in order to link the mine to a national road. The future mine will be located approximately 50 kilometres northeast of the municipality of the city of Tete with a license covering a total area of 15,840 hectares, of which an area of 8,000 hectares contains at least 10 layers of coal and the four deepest layers are believed to contain high quality coking coal. “The remaining more superficial layers contain significant quantities of high quality thermal coal,” the source said. The main aspects to be investigated by Midwest Africa’s environmental impact study are related to interference in the current use of the land by resident communities near the area of the project. The issue of cumulative impacts, as the project is in a region where there are several other coal mining projects, will be paid particular attention as will ways of increasing the positive impacts of the project. Repair work on national road No. 1 in Mozambique will not be finished within expected deadline Repair work on National Road No. 1 between Namialo and the Lúrio River, in Nampula, is delayed and will not be finished by the expected deadline, said the Minister for Public Works and Housing, Cadmiel Muthemba. The minister said that the delay to the deadline set by the project’s financier, the Millennium Challenge Account Moçambique, means that the Mozambican government will be required to take on the financial burden of the delays. Cited by daily newspaper Notícias, Muthemba said that lot 2 of the abovementioned section of the road covering a total of 74.7 kilometres was responsible for the delay. The work is being carried out by Portuguese companies MonteAdriano, Engenharia e Construções and Casais Moçambique for US$46 million. However, the minister, who visited the location, said that despite the delay the situation had improved considerably in terms of quality of the work, as well as the speed at which the work is now being carried out. In relation to lot 1 of the same section of road, covering 75 kilometres and costing US$44 million, the minister said it was likely the contractors would deliver the project on time. The newspaper said that according to the contracts the work to repair lot 1, between the Mucutuchi and Lúrio rivers, of that section of National Road No. 1 was due for conclusion on 1 January, 2013. Mozambique plans to start exporting liquid natural gas in 2018 July 26th, 2013 Mozambique expects to start exporting liquid natural gas (LNG) in 2018, Mozambican president Armando Guebuza said in Aberdeen, Scotland, Thursday according to the international press. During a conference to promote Mozambique’s burgeoning oil industry Guebuza noted that everything possible was being done for the first shipments of LNG to be sent to customers in 2018. However, before any shipments can be made, it will be necessary to invest billion of dollars to build the processing unit for the gas as well as port facilities for ships to moor. At the conference, Mozambique’s Mining Resources Minister, Esperança Bias, said the investment needed to build infrastructure to make use of natural gas was estimated at US$40 billion, including a unit to process 20 million tons of liquid natural gas and a distribution network to serve the domestic market and those of neighbouring countries. “It will be the biggest gas processing unit in the whole of Africa,” the minister said. The chairman of Mozambican state oil and gas company Empresa Nacional de Hidrocarbonetos (ENH), Arsénio Mabote, said at the same conference that talks were underway with US groups Anadarko Petroleum and Italy’s ENI which operate the Area 1 and Area 4 blocks, where so far reserves of over 100 trillion cubic feet of natural gas have been found. “It is the concession-holders’ responsibility to decide how the natural gas will be used,” said Mabote, adding that talks were due to be concluded in the next few months. Portuguese construction company Soares da Costa awarded building projects in Brazil, Angola and Mozambique Portuguese construction group Soares da Costa has been awarded three new building projects in Brazil, Angola and Mozambique, boosting its portfolio of orders by 103 million euros, the group said in a market filing issued Thursday. According to a statement filed with Portuguese stock market regulator CMVM, in Brazil the group will build houses and infrastructure in Fortaleza, in the state of Ceará, under the terms of a contract worth 84 million reals (24.6 million euros). In Angola, Soares da Costa was awarded the tender to build the headquarters building of power company Empresa Nacional de Electricidade (ENE), in Luanda, for US$46.9 million (35.5 million euros). This contract includes building a centre with offices, retail spaces and housing costing US$25 million (18.6 million euros) and a building to install a call centre costing US$11.6 million (8.8 million euros). In Mozambique the Portuguese company will build the Justice Ministry building in Maputo. The project will cost 11 million euros. Portuguese company updates SAP system at Mozambique’s Cahora Bassa Hydroelectric dam ROFF, a subsidiary of Portuguese IT group Reditus, has been awarded the international public tender to provide consultancy services to the Cahora Bassa Hydroelectric Facility (HCB) in order to update its SAP software system the company said in a statement. HCB is Mozambique’s largest power producer, with a capacity of over 2,000 megawatts, supplying Mozambique, South Africa and Zimbabwe, which will allow Reditus to consolidate its presence in the country, and continue with its strategy to focus on international markets. The project is due to be finished in February 2014 and is intended to improve the SAP system by adapting to current and future business requirements and user expectations, in order to respond to the company’s future challenges. Alongside this ROFF will provide training to update and add to the knowledge of SAP users at HCB. ROFF, which was founded in 1996, is the biggest partner of Germany’s SAP group in Portugal and has offices in several Portuguese cities as well as Paris, Luanda, Stockholm, Casablanca, Sao Paulo and Macau. In 2012 it had a total of 282 customers providing turnover of 46 million euros. Italian group ENI concludes sale of stake in Mozambican oil block to Chinese company July 29th, 2013 Italian group ENI has concluded the sale of a 28.57 percent stake in ENI East Africa to the China National Petroleum Corporation (CNPC), the group said last week in a statement issued in Milan. In the statement, ENI said that the sale of the stake in ENI East Africa, which had a 70 percent stake in the Area 4 block of the Rovuma basin, in northern Mozambique, was concluded at the initially agreed price of US$4.21 billion. The Chinese group now has an indirect 20 percent stake in the oil block, in which the Italian company will remain as operator with a 50 percent share. The remaining partners in the Area 4 block are Mozambican state company Empresa Nacional de Hidrocarbonetos (ENH) and South Korea’s Kogas and Portugal’s Galp Energia with 10 percent each. The statement from ENI does not provide information about capital gains tax payable to Mozambique, which can go to a maximum of 32 percent. One hundred companies prospecting in Tete province, Mozambique Around 100 companies are prospecting for minerals in Mozambique’s Tete province, said the provincial director for Mining Resources and Energy, Manuel José Sithole. Noting that these figures demonstrate the province’s mining potential, Sithole said that gold, coal, precious gems and other minerals are already mined in the province. The provincial director of Mining and Energy Resources said that Baobab Resources was at an advanced stage of prospecting for iron ore, the Mozambican subsidiary of Indian group Jindal Steel and Power has already started mining coal, Ncondezi Coal is concluding studies to start coal mining and Mineral Resources Mozambique is mining for goal. In relation to iron ore, Sithole said it was too early to assess the province’s potential as prospecting is still underway. Sithole noted that mining activities are having a positive impact on the province, particularly in terms of increasing available jobs and demand for goods and services to meet the needs of mining companies. Mozambican government lowers projection for 2013 economic growth Economic growth in Mozambique is this year expected to be 7.4 percent or one percentage point less than the previous projection, due to floods at the beginning of the year, the country’s Finance Minister said in Chokwé Thursday. “For the 2013 financial year we projected that growth would total 8.4 percent but, due to natural disasters that affected the country at the beginning of the year, we have lowered that projection, and now expect it to total 7.4 percent,” said Minister Manuel Chang. The latest projection from the International Monetary fund (IMF) published last week pointed to growth of 7 percent for the Mozambican economy this year. Chang was speaking at the opening ceremony of the 7th Coordinating council of the Finance Minister in Chokwé, Gaza province, one of the regions most affected by the floods at the beginning of the year, which led to 117 deaths and left 250,000 people without a home, according to official figures. Mozambican government secures funds to conclude projects funded by the United States The Mozambican government has secured the funds it needs to conclude projects funded by the United States governments that will only be finished after the end of the aid programme, next September, Mozambican daily newspaper Notícias reported. The newspaper added that the pledge of funding secured by the government addresses the concerns of the US government about a government commitment that none of the projects carried out by the Millennium Challenge Account Moçambique (MCA) would be left unfinished after the end of the programme. The rules of the aid programmes funded by the US government stipulate that all projects should be carried out during the period of those programmes, and conclusion of any delayed projects must be borne by their respective States. Notícias gave no figures for the funding needed to finish the projects but noted that the amounts were included in the Revised Budget, which will be analysed by parliament from 1 August onwards. In 2007 the US government provided Mozambique with US$506.9 million to be used, over five years, in the provinces of Cabo Delgado, Niassa, Nampula and Zambézia to repair roads, water supply and sanitation systems, improve agricultural yields and safe access to land. Mozambique still has 29,000 square kilometres of virgin forest July 30th, 2013 Mozambique still has 29,000 square kilometres of virgin forest and the unbridled exploration of forest resources will not affect the survival of forest species, said the national director for Land and Forests said in Inhassoro. Simão Joaquim also said that the presence of many foreign companies in Mozambique, in what can be considered unbridled exploration of wood for export, is as yet not a risk to the survival of the forests. However, the official called on sector players to keep to standards and regulations set out for the forestry business, according to daily newspaper Notícias. Precisely because standards and regulations have not been respected, said Joaquim, 33 national and foreign forestry operators, had their exploration licenses cancelled for this season and another 44 were issued warnings due to many irregularities, including chopping down trees in restricted areas, illegal transport and felling in the off season. Most of the operators that were sanctioned were working in the provinces of Cabo Delgado, Nampula, Zambézia and Sofala and four of them have been banned from working in Mozambique for repeat offences. Joaquim added that that log or plank exports to the Asian and European markets is being carried out in line with current legislation, and a number of activities are underway with a view to improving the legal framework for this business area. Angola, Mozambique and Poland are strategic markets for Portuguese bank BCP Angola, Mozambique and Poland are strategic markets for Portuguese private bank Banco Comercial Português (BCP), the bank’s chairman said Monday at the presentation of the bank’s half-year results. “Angola, Mozambique and Poland are strategic and contribute to the bank’s performance, building up capital rather than destroying it,” noted Nuno Amado. In the first half, Millennium BCP, the group’s retail brand, posted a net loss of 488 million euro, an improvement compared to the 544 million–euro loss posted in the same half of 2012. “This result is in line with our plan and with the economic cycle,” noted Amado, who added that the contribution of consolidated results of international operations (except Greece), of 84 million euros, were a 12.7 percent improvement on the same half of 2012. BCP also said that in the first half of the year it had paid 169.4 million euros in commissions and interest on state-backed securities issues and by hybrid instruments (CoCos) of the bank subscribed by the Portuguese State. Macauhub News Agency Address: Av. Infante D. Henrique, 43-53 A The Macau Square, 8th Floor – L Macau Phone: (853) -28355315/6 Fax: (853) -28355466 E-Mail: [email protected]
Posted on: Wed, 31 Jul 2013 06:50:57 +0000
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