Mozambique state oil and gas company Empresa Nacional de Hidrocarbonetos, or ENH, hired Standard Chartered Bank Plc to advise it on how to finance its stakes in two multi-billion dollar offshore gas projects.
The bid from London-based Standard Chartered, made jointly with Mozambique’s largest bank, Millennium BIM, beat out competition from HSBC Plc and local partner Banco Unico, the World Bank said in an announcement published on its website. Standard Chartered’s bid was $721,000 compared with the $1.38 million tender by HSBC and Banco Unico, the announcement shows.
ENH has a 10 percent stake in a project led by Woodlands, Texas-based Anadarko Petroleum Corp., and 15 percent in one led by Rome-based Eni SpA. They stem from gas discoveries in the Rovuma Basin that are big enough to make Mozambique the world’s third-largest producer of liquefied natural gas by the middle of the next decade, according to Anadarko.
Each project will require investment exceeding the size of Mozambique’s $15 billion economy, a 2014 Standard Bank Group Ltd. report shows. The World Bank will finance the Standard Chartered contract under its Mining and Gas Technical Assistance Project.