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According to the Civic Movement, the government has not yet justified, nor is it included in the PESOE, approved on Saturday by the Mozambican parliament, the reason for using the percentage from the Mozambique Sovereign Fund (FSM) to finance social and economic projects.
The Civic Movement on the Sovereign Fund in Mozambique said the government’s intention to use the fund to finance social projects, as provided for in the 2025 State Budget, is illegal, asking the executive for explanations.
At stake is 40% of the €69.2 million in revenue from the exploration of liquefied natural gas (LNG) that Mozambique expects to collect this year, with the percentage going to the fund financing its first 15 projects in 2025, including 12 new secondary schools.
According to the Civic Movement, the government has not yet justified, nor is it included in the PESOE, approved on Saturday by the Mozambican parliament, the reason for using the percentage from the Mozambique Sovereign Fund (FSM) to finance social and economic projects.
The PESOE defines projects to be financed this year by the FSM, such as the construction of two cold storage warehouses for the preservation of products in the industrial parks of Beluluane and Topuito, for 45.5 million meticais (€627.5 thousand), or the co-participation, with 27.5 million meticais (€380,000), of the completion of the construction of two feed factories, in Nampula and Niassa.
The production, distribution and planting of 6,674,660 cashew tree seedlings is also planned, costing 90 million meticais (€1.2 million), and maintaining “95% or more coverage of fully vaccinated children under one year old”, with 416.4 million meticais (€5.7 million).
Among the 15 projects to be financed by the WSF in 2025, as mentioned in PESOE, are also the allocation of means of production to 468,169 households, at 201.3 million meticais (€2.8 million), and the expansion and rehabilitation of water supply infrastructures, worth 679 million meticais (€9.4 million).
Mozambique has raised USD 206 million (€183 million) from liquefied natural gas (LNG) produced by the deep-water Rovuma basin Coral Sul platform. Area 4, in the north of the country, is operated by Mozambique Rovuma Venture (MRV), a consortium owned by Eni, ExxonMobil and China National Petroleum Corporation (CNPC), which has a 70% stake in the Area 4 Exploration and Production Concession Agreement.
Coral Sul FLNG, the first floating facility of its kind on the African continent, has a gas liquefaction capacity of 3.55 million tonnes per year (mtpa) and is expected to put 450 billion cubic metres of gas into production from the Coral Sul field.
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Since production began in November 2022, 104 shipments have already been made, in a project that has an investment of around USD 7 billion (€6.2 billion).In total, the country collected USD 206 million, of which USD 65 million (€57 million) was in taxes on oil production, USD 134 million (€119 million) in “profit oil” and USD 7 million (€6.2 million) in production bonuses.
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