· With an estimated gas reserves of 17 trillion cubic meters, Tanzania could step in as an LNG supplier for Europe.
As a fallout of the Ukraine war, Europe is desperately trying to diversify its energy sources. Turning away from Russia and Ukraine, It is urgently looking for alternative energy sources. This opens opportunities for several African economies including Tanzania. The country is intensifying its efforts to join the league of Liquefied Natural Gas (LNG) exporters.
Tanzanian government sources disclosed that investments in its first LNG project could reach $40 billion. The talks have been under way with a group of foreign oil and gas companies led by Norway’s Equinor on developing a liquefied natural gas terminal. The discussions are expected to be concluded by June. With an estimated gas reserves of 17 trillion cubic meters, Tanzania could step in as an LNG supplier for Europe.
Economic analysts foresee huge revenues for the nation from the sale of LNG on the international market. Apart from generating jobs for Tanzanians, the project will meet domestic demands and boost the foreign revenue earnings of the country. The global demand for LNG is set to leap high as the world is expected to use LNG in cars by 2030 to preserve the environment. Tanzanian President Samia Hassan has expressed her commitment to expedite the development of natural gas resources and speed up the project by offering a business friendly environment.
The LNG project is considered to be Tanzania’s biggest project, which has the potential to ship the gas by 2030, if it is launched in time.
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