Vow to use oil and gas to "make poverty history"

Mozambique's President Armando Guebuza arrives for the lighting-up ceremony of the centenary torch ceremony ahead of the upcoming African National Congress (ANC) centenary celebration in Bloemfontein

Pledge: Mozambique President Armando Guebuza.

REUTERS/SCANPIX

By Iain Esau London

 10 May 2012 22:59 GMT

Mozambique’s president ­Armando Guebuza told an audience at Chatham House, London this week that oil and gas “is not a curse” and outlined how his government planned to “make poverty history” by adding value to these resources in-country.

Mozambique is preparing plans on how best to monetise its huge resources of freshly-discovered gas and coal, with Guebuza saying his government wants to do more than just passively receive royalties and taxes, and aims to stimulate added-value investments.

“Greater benefits will come with implementation of planned projects such as the use of gas for domestic consumption and in petrochemical industries… fertilisers, liquefied natural gas and gas-to-liquids,” said the president.

Anadarko Petroleum is pushing ahead with an LNG project in Cabo Delgado province, fed by gas from Offshore Area 1, while PetroSA, South…

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