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Africa

'Concerning that several SA banks have loaned money for Mozambique gas projects'

7 April 2021 7:57 PM
Tags:
SADC
Mozambique
The Money Show
Bruce Whitfield
Cabo Delgado
Palma
Mozambique attacks
NKC African Economics
Gerrit van Rooyen
NKC

Attacks in Cabo Delgado have halted lucrative natural gas projects. The Money Show interviews economist Gerrit van Rooyen (NKC)

The attacks in northern Mozambique at the end of March have brought lucrative natural gas projects there to a standstill.

Since insurgents targeted the town of Palma, tens of thousands of people have fled the area.

RELATED: 'Mozambique govt constructed narrative that situation normalised, but it's not'

President Cyril Ramaphosa will be among the heads of state attending an extraordinary SADC summit on Thursday to address the crisis.

RELATED: SADC response to Mozambique attacks must include military action - ISS expert

Bruce Whitfield interviews Gerrit van Rooyen (economist at NKC African Economics) about the situation and the effect on South African companies with intererests in Mozambique's gas fields.

It's very concerning. The Mozambican government is expected to earn about $50 billion over the lifetime of these projects.

Gerrit van Rooyen, Economist - NKC African Economics

Total has now decided to completely withdraw their staff from its Afungi LNG Park that is being built to process the gas and to act as a base for these projects.

Gerrit van Rooyen, Economist - NKC African Economics

From a South African standpoint it's concerning that several of our banks have loaned quite large amounts of money for these projects. We also have subcontractors involved there that are now also losing out on this business.

Gerrit van Rooyen, Economist - NKC African Economics

Total's decision might have a positive impact says van Rooyen, by forcing Mozambique's government to take more decisive action against the insurgents.

In the face of warnings leading up to the March mayhem the government has also been unwilling to accept foreign support, he notes.

Mozambique's army isn't that well financed and the country itself is debt-ridden... They don't really have the resources to tackle this insurgency.

Gerrit van Rooyen, Economist - NKC African Economics

We are looking now to the SADC meeting tomorrow and Friday. Hopefully the regional partners can now finally get a strategy in place... and hopefully even get in some states like France and Portugal that have companies that are investing in those gas fields.

Gerrit van Rooyen, Economist - NKC African Economics

For more detail, listen to the audio below:


This article first appeared on CapeTalk : 'Concerning that several SA banks have loaned money for Mozambique gas projects'




7 April 2021 7:57 PM
Tags:
SADC
Mozambique
The Money Show
Bruce Whitfield
Cabo Delgado
Palma
Mozambique attacks
NKC African Economics
Gerrit van Rooyen
NKC

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