UAE’s Adnoc to Buy Galp’s Stake in Mozambique LNG Project
- Galp to receive $650m now, $500m in contingent payments
- Adnoc to get share of potential 25m tons a year LNG capacity
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The United Arab Emirates’ main oil company agreed to buy a 10% stake in a natural gas project in Mozambique, its second major deal this week as it seeks to expand the business globally.
Abu Dhabi National Oil Co. will purchase the stake in the Area 4 concession from Galp Energia SGPS SA, it said in a statement Wednesday. Galp will receive $650 million, and further contingent payments of as much as $500 million when two planned development phases go ahead, the Portugese company said in a separate statement.