In Mozambique, Societe Generale was chosen as financial advisor to the public hydrocarbon company to mobilize $ 1.5 billion representing its contribution to the development of a gas project. The French group replaces the British Lion’s Head Global Partners in this mission.

Societe Generale was chosen by the government of Mozambique to advise the public oil company, ENH, to mobilize financial resources estimated at $ 1.5 billion. This sum will allow the public entity to honor its contribution as a shareholder with a 15% share in the development phase of the liquefied natural gas project in which the company Total is the operator.

The French financial group replaces on this file the British firm Lion’s Head Global Partners, whose expired contract has not been renewed. According to comments reported by Bloomberg, the Mozambican Minister of Energy explained that it is quite naturally that Societe Generale which is already the financial advisor of the project has been assigned the mission of supporting the public hydrocarbon company.

Recall that Societe Generale has been present in Mozambique since the third quarter of 2015, the period during which it finalized its entry as majority shareholder in the capital of what was called MCB Moçambique. The French had indeed bought shares belonging to the Mauritius Commercial Bank (MCB) group. It remains to be seen whether he will succeed in convincing investors to finance the Mozambican government.

The country is still dragging in its liabilities a dark affair of hidden debt that has turned into an international investigation around a network of corruption. However, this project could bring him total revenues of around $ 38 billion. Societe Generale is also a major player in investment banking with good experience in structured finance services for the benefit of African companies and public organizations.

 

Source: Agence Ecofin

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