By takumihamano 
The gold trade in Russia has been a topic of significant interest and concern, especially given the country’s economic and geopolitical landscape. Here, we delve into the latest developments and their implications for Russia’s gold trade.
- Mozambique LNG Project to Boost US Employment by 16,400 Jobs: The resumption of the Liquefied Natural Gas (LNG) project in Cabo Delgado, Mozambique, will support 16,400 jobs across 68 companies in the USA. The US Export-Import Bank (Exim Bank) approved a $4.7 billion loan amendment for the project. This is the largest deal in the Exim Bank’s 91-year history. The funding supports the export of US goods and services for the development and construction of the $15 billion integrated LNG project, led by TotalEnergies. The project, paused since 2021 due to terrorist attacks, will involve onshore LNG plant engineering, procurement, and construction, along with related onshore and offshore activities. Besides the $4.7 billion loan, the Exim Bank expects to receive $600 million in interest. The financing prevents the export of equipment to China and Russia, instead supporting US manufacturers.
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Mozambique Approves Second LNG Floating Platform in Rovuma Basin: Approval granted for a second floating platform for Liquefied Natural Gas (LNG) exploration in the Rovuma Basin, Cabo Delgado Province, Mozambique. The Coral Norte FLNG project aims to produce 3.55 million tons of LNG annually. Production will come from six wells, with a USD 7.2 billion investment and a 30-year initial concession. Production is expected to start in the second quarter of 2028. The platform will be a replica of the Coral Sul FLNG, already operational since mid-2022. Eni aims to leverage experience and lessons learned from the Coral Sul project to improve cost and time efficiency.
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Mozambican SMEs Seek Government Partnership for Coral Norte Gas Projects: Mozambican businesses urge the creation of a task force involving operators, the government, and the private sector to develop projects for Small and Medium Enterprises (SMEs) related to the Coral Norte gas platform. They advocate for preemptive measures to facilitate downstream gas processing, purification, commercialization, and distribution. The Coral Norte FLNG project will supply domestic gas for industrialization, unlike Coral Sul FLNG which began operations in November 2022. An initial allocation of 10% of domestic gas, potentially increasing to 25%, is planned. The Coral Norte project is led by ENI East Africa S.P.A. (Italy), with Exxon Mobil (USA) and CNPC (China) holding 70% of Mozambique Rovuma Venture (MRV), while ENH, GALP, and KOGAS each hold 10%. The Confederation of Economic Associations (CTA) believes the project will boost Mozambique’s international image and address uncertainties from recent post-election protests.
Summary:
The developments in Mozambique’s LNG projects, particularly the Coral Norte FLNG, have significant implications for the global energy market, including Russia. The US’s strategic move to support the Mozambique LNG project with a $4.7 billion loan aims to prevent the export of equipment to China and Russia, thereby impacting Russia’s energy trade dynamics. Additionally, the involvement of major international players like ENI, Exxon Mobil, and CNPC in the Coral Norte project highlights the competitive landscape in which Russia operates. These developments underscore the importance of strategic partnerships and investments in the energy sector, which are crucial for Russia’s economic stability and growth.