Italy's Eni readies second floating LNG facility for Congo
Adds details from the Eni statement in paragraph 2 and 6, background in paragraph 5
Nov 23 (Reuters) -Italian energy group Eni ENI.MI said on Saturday it had launched the hull of the Nguya Floating Liquefied Natural Gas (FLNG) facility in Wison Heavy Industry's shipyard in Nantong, China, to be deployed offshore of the Republic of Congo.
The FLNG will have a liquefaction capacity of 2.4 million tons per annum (MTPA) and will complement the existing Tango FLNG, which has a capacity of 0.6 MTPA and has been operational since December 2023, ENI said in a statement.
The combination of the two will bring the total liquefaction capacity of the Congo LNG project to 3 MTPA by the end of 2025, it said.
Eni in 2022 signed a contract with China's Wison Heavy Industry to set up an FLNG unit off the Republic of Congo to increase LNG production and exports from the African country.
It is the second FLNG to be deployed in the Republic of Congo.
In February this year, Eni said that the Republic of Congo exported its first cargo of LNG to Italy, making the country an energy exporter.
"We have been the first to believe in the value of Congo's gas, primarily for domestic power generation, and then for export," Guido Brusco, Eni's chief operating officer for Global Natural Resources, said in the statement.
Reporting by Rishabh Jaiswal in Bengaluru
Editing by Bernadette Baum
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
