What you need to know about Vitol and Mozambique’s state oil firm’s trading joint venture

LONDON (Reuters) – Global energy trader Vitol and Mozambique’s state oil firm, ENH, have launched a trading joint venture called ENH Energy Trading, Vitol said on Tuesday, to focus on liquefied natural gas (LNG), liquefied petroleum gas and condensate.

The new entity will be incorporated and based in Singapore.

The move is part of a wider trend since last year that has seen energy firms either set up new dedicated gas trading desks or expand existing ones in Singapore. Asia is the fastest growing LNG market, led by Chinese demand.

Singapore has also been expanding its LNG infrastructure by increasing storage capacity.

Mozambique has an estimated 125 trillion cubic feet of technically recoverable gas resources and is expected to become a top LNG exporter with over 30 million tonnes per year, the statement said.

There are two mega LNG projects being developed in the southern African country.

One, now owned by Total following the takeover of ex-operator Anadarko by Occidental Petroleum, has taken a final investment decision. The other, led by Exxon Mobil Corp, is expected to do so later this year.

Vitol traded 7.8 million tonnes of LNG last year and 7.4 million barrels per day of crude, making it the largest independent oil trader.

Reporting by Julia Payne; Editing by Louise Heavens and Mark Potter


Partner Content

THE FUTURE JUST ARRIVED: THE ROLE OF BANKS IN A POST-COVID WORLD

THE COVID-19 GLOBAL pandemic has brought forward the future. It has brought about humanity’s biggest challenge in a century, to choose between...

Mauritius-Africa, a partnership for shared prosperity

By: Mathieu Mandeng In the current complex and challenging circumstances that are testing the...

VIRTUAL VDJ EXPOSES LOCAL CREATIVE AND ENTERTAINMENT INDUSTRY

The City of eThekwini pulled out all stops to give fans of the annual Vodacom Durban July (VDJ). The Virtual Vodacom Durban...

GAUTRAIN – Why It Matters

Economic growth continues to be one of the focus areas for the Gauteng Provincial Government (GPG) and the Gautrain responds to that...

Trending Now

Miners need more engineers to meet new tailings dam safety standard

Experts said miners had not placed as much importance on tailings management, with little prestige attached to the unglamorous work of trekking to remote mine waste dams, where engineers analyze the consistency of the slurry and verify the integrity of the structure.

Wonderful world of Disney boosts Wall Street

Walt Disney Co’s (DIS.N) shares jumped, to put it among the biggest boosts to the S&P 500 and Dow. The stock notched its biggest daily percentage gain since March 24 as revenue declines for Disney parks and media networks were not as bad as feared.

Gold strides further above $2,000/oz, dollar weakens

“The dollar is collapsing under the weight of $3 trillion in printed dollars, this all comes out in the wash with higher gold prices,” Giannotto said.

Gambia imposes curfew as coronavirus cases surge 60% in a week

He had said earlier in the day that authorities would increase police, paramilitary, marine and immigration presence on its border with Senegal as scores of Senegalese who live in Gambia return from celebrating Eid al-Adha with their wider families. Senegal has recorded over 10,500 cases.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

- Advertisement -