MOZAMBIQUES OILMOZ, WHICH is developing a 350,000 bpd refinery, expects to reach a funding agreement with European energy investors before the end of the year, according to Fausto Cruz, the companys chief executive.OZAMBIQUES OILMOZ, WHICH is developing a 350,000 bpd refinery, expects to reach a funding agreement with European energy investors before the end of the year, according to Fausto Cruz, the companys chief executive.
The southern African nation, which has huge gas reserves is one of several African countries attracting interest from International investors.
"We are still procuring the finance. We are under negotiations with a group of investors from Europe and very shortly we expect an agreement will be signed before the end of the year,” he said.
He added that potential investors were looking for a range of options, including an equity s take in the refinery, with construction expected to start in the second quarter of 2011 and end in 2015.
Cruz said that Shell affiliate Stasco would procure 50 per cent of the refinery's total output. Only 15 per cent of the oil would bed earmarked for domestic use.
