Mozambique terror attacks: Anxiety hangs over India s LNG project
Tue, Apr 06 2021 01:50:25 PM
By Mahua Venkatesh
New Delhi,
Apr 6 (IANS): The dastardly attacks in Mozambiques Palma, a resort city close to the French energy major Total-run gas project, by terrorists linked to the Islamic State (IS) have not hit headlines in India. But the recent bloodletting in the Indian Ocean nation has huge implications for Indians and the domestic energy industry. Reason?
State owned ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) along with other foreign investors secured $14.9 billion debt to part-finance their $24.1 billion liquefied natural gas (LNG) project being built on the Afungi peninsula. The project with one of the largest investments in Africa, is led by Total. It is expected to produce 12.88 million tonnes of LNG per annum. The French company has decided to recall all its staff from the site after the attacks leading to uncertainty over execution of the project.
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Intraregional trade in South Asia accounts for barely five percent of the region s total trade-just a fraction of the 25 percent for the ASEAN region. Bilateral trade between Bangladesh and India represents only 10 percent of Bangladesh s total foreign trade, and one percent of India s trade. A key factor for the low numbers is the sub-optimal transport integration in the region.
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