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TABLE OF CONTENTS
• NATURAL GASDEPOSITS ARECURRENTLYESTIMATED AT 200TRILLION CUBICFEET
• CHINA FUNDS FORRECONSTRUCTIONOF FISHING PORT INBEIRA
• MOZAMBIQUE: THEGOVERNMENT ISWILLING TORENEGOTIATE THECONTRACTS SIGNEDWITH OILCOMPANIES
• TAX SERVICES(FINANCE SERVICES)OPEN THREE NEWDEPARTMENTS FORMEGA PROJECTS
• AGRICULTURALDEVELOPMENTFUND INVEST IN THEPOULTRY SECTORCREDIT FACILITY
• LIQUEFIED GAS INTHE ROVUMA BASIN,AN INVESTMENT OF30 BILLION DOLLARS
• CENTRAL BANKKEEPS INTERESTRATES
• MOZAMBICANCOMPANY OF GASANNOUNCES THECONSTRUCTION OF14.5 KM GASPIPELINE
• RISE IN THERESERVES OF THECENTRAL BANK
• VALE MOÇAMBIQUE
NATURAL GAS DEPOSITS ARE CURRENTLYESTIMATED AT 200 TRILLION CUBIC FEET
Mozambique has approximately 200 trillion cubic feet (tcf) of naturalgas, according to the general information disclosed by the companiesoperating in the country. This figure represents an increase of 30trillion tcf comparatively to 2012. The reserves rank Mozambique asone of the larger potential producers of natural gas in the world.
CHINA FUNDS FOR RECONSTRUCTION OFFISHING PORT IN BEIRA
In the near future, China, through the Exim Bank, will provide afinancing of 120 million of Dollars for the implementation of the fishingport reconstruction project in Beira. The respective financingagreement was signed by the Mozambican and Chinese Governmentsthis current month.The project will enlarge the fish handling capacity from the current 30to 40 thousand tons to 70 thousand tons.
MOZAMBIQUE: THE GOVERNMENT IS WILLINGTO RENEGOTIATE THE CONTRACTS SIGNEDWITH OIL COMPANIES
The Mozambican government wishes to renegotiate the contracts withthe oil companies that are already licensed and as well as to enforce astrict “local content policy” (i.e., the involvement of more Mozambicanpeople) to future companies operating in the country, which, therefore,will have to undertake not only that more local workers and supplierswill be hired, but also that a quota not lower than 25% of the oil andgas produced in the domestic market will be allocated to the regulatedprice. The new legal framework also requires that the oil companies whichoperate as services and equipments suppliers to the large oilcompanies, should subcontract Mozambican private companies,whenever the proposals of such large companies is not 10% higher tothe proposals submitted by the foreign subcontractors.
TAX SERVICES (FINANCE SERVICES) OPEN
STARTS THESECOND PHASE OFTHE COALEXPLORATIONPROJECT
MOZAMBIQUENEWSLETTER Aug/Sep2014
MCA recently openedrep office in Houston
MCA is pleased toannounce the open of aliaison office in Houstonto provide assistance toMCA´s US and Canadabased clients, and toassist new clients andprospective investors inplanning their operationsin the jurisdictionscovered by MCA network.
Please contact us forfurther information.
PORTUGAL
Av. da Liberdade, 2624 Esq.
1250149 LISBOA
T 351 213 569 930
F 351 213 569 939
ANGOLA
R. Rainha Ginga, 187
Ed. Rainha Ginga, Piso Int.
P.O. Box 6262
THREE NEW DEPARTMENTS FOR MEGAPROJECTS
The Mozambican Tax Services (ST) will open soon three newdepartments to attract revenues from the major tax contributors in thecities of Matola, Tete and Pemba. This decision was adopted within the scope of the implementation of astrategy to be carried out by the new financial institutions to attractrevenues of withholding taxes. These new departments shall be addedto those already existing in the cities of Maputo, Beira and Nampula.
With regard to the city of Matola, the President of ST, Mrs. RosárioFernandes, explained that the implementation on this type ofInstitutions is justified, as this city is hosting the biggest industrialpark in the country.
AGRICULTURAL DEVELOPMENT FUND INVESTIN THE POULTRY SECTOR CREDIT FACILITY
The Agricultural development Fund is convinced that the extent of thepoultry facility credit that has been established in 2001, by means of afinancing of 49 million MZN (163 thousand American dollars) willgradually reduce the need for importing chicken in Mozambique.
This belief is supported on the very good results achieved up until nowby the 39 poultry farmers existing in the province of Maputo andbeneficiaries of the credit facility, who, in specific cases, are able toreach a chicken production capacity higher to 100 per cent.
LIQUEFIED GAS IN THE ROVUMA BASIN, ANINVESTMENT OF 30 BILLION DOLLARS
More than 30 billion American dollars will be initially invested in theMozambican natural gas sector aiming to develop the capacity for ayearly production of 20 million tons of liquefied natural gas (LNG). Thefirst exports are expected to begin in 2018.The investments are made with the purpose of developing Pemba andPalma seaports, where a huge logistical basis together with LNGproduction plants are projected to enable the use of the gas producedfrom offshore fields located at the Rovuma Basin, in order to beexplored by both the gigantic north American oil company AnadarkoPetroleum Corp and the Italian ENI.
CENTRAL BANK KEEPS INTEREST RATES
The Mozambican Central Bank declared that the Monetary PolicyCommittee decided to maintain the reference interest rates in force, asis the case of the interests rate regarding the marginal lending rate,which is kept in 8,25%.
MOZAMBICAN COMPANY OF GASANNOUNCES THE CONSTRUCTION OF 14.5
LUANDA
T 244 222 908/917
F 244 222 310 428
MOZAMBIQUE
Av. Kenneth Kaunda, 433
Bairro Sommerschield
MAPUTO
T 258 846 238 293
(in association)
____________________
This publication is intended for selected
distribution, among MC&A’s clients.
Therefore, it should not be perceived as a
means of publicity and its copy and/or
distribution is forbidden.
This publication contains general
information only and does not replace
adequate legal counsel.
KM GAS PIPELINE
The Mozambican Company of Hydrocarbons (ENH) announced thebeginning of the construction of a gas pipeline with 14,5 Km, whosecost is estimated in three million euro. This pipeline will connect thesurrounding areas of Maputo with the district of Marracuene, in thesouth of the country. ENH, the public company responsible for the managing of theMozambican State’s financial contributions in what concerns theextractive industry, issued a press release referring that thisundertaking is part of the second phase of the Natural Gas DistributionProject (PDGN), which will be executed in jointventure with thisMozambican company and the South Korean company Kogas.
RISE IN THE RESERVES OF THE CENTRALBANK
The balance of the Net International Reserves (RILs) increased from4,0 million dollars to 3.243,8 million of American dollars.
According to the Mozambican Bank and taking as reference the lastday of the month of August 2014, such amount represents theequivalent to 4,5 months coverage for non factorial import of goodsand services, excluding the transactions of large projects areexcluded.
VALE MOÇAMBIQUE STARTS THE SECONDPHASE OF THE COAL EXPLORATIONPROJECT
Vale Moçambique, which is a subsidiary of the Brazilian Group Vale,intends to start the second phase of the mineral coal explorationproject in Moatize, Province of Tete.
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