(TH)
ONGC Videsh Ltd, the overseas investment arm of ONGC, and its consortium partners have announced the Final Investment Decision (FID) in the Mozambique LNG project. The Indian consortium is expected to collectively invest $20 billion in the two-train Golfinho/Atum Mozambique LNG Project. The first gas packet is expected in 36-48 months, ONGC said in a statement to the stock exchanges.
A meeting of senior ministers convened by Home Minister Amit Shah on June 4 had approved the investment. Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Petroleum and Natural Gas Minister Dharmendra Pradhan and Commerce Minister Piyush Goyal were present at the meeting. Also present were senior officials and NITI Aayog CEO Amitabh Kant.
ONGC has a participating interest (PI) in the Mozambique Rovuma Area-1 Offshore Project through ONGC Videsh, while Bharat Petroleum Corporation Ltd (BPCL) has a stake in it through Bharat PetroResources Ltd (BPRL). The Mozambique government held a ceremony on Tuesday to announce the decision.
