African Development Bank Approves $150 million for Coral North Floating LNG Project

Mozambique, Jan. 22 -- The Board of Directors of the African Development Bank approved on 14 January a $150 million senior loan to support the development of the Coral North Floating Liquefied Natural Gas Project, a transformative energy infrastructure initiative located offshore Mozambique.Building on the success of Coral South FLNG, which became operational in 2022, the Coral North FLNG Project will develop, construct, and operate a floating LNG facility with annual capacity of 3.55 million metric tonnes approximately 55 kilometers off the coast of northern Mozambique's Cabo Delgado province.The project is led by Eni S.p.A., a global energy company with extensive LNG expertise, and is expected to cost more than $7 billion. In addition to ...