{"id":52698,"date":"2023-12-23T19:44:54","date_gmt":"2023-12-23T19:44:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues"},"modified":"2023-12-23T20:16:54","modified_gmt":"2023-12-23T20:16:54","slug":"parliament-approves-sovereign-fund-from-gas-revenues","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues","title":{"rendered":"Parliament approves sovereign fund from gas revenues"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s parliament gave final approval on Friday to the creation of the Mozambique Sovereign Fund with revenues from natural gas exploration, which by the 2040s should reach 6 billion dollars a year.<\/p>\n

The proposal to create the Mozambique Sovereign Fund, presented by the government, received 165 votes in favour in the final vote, only from the Mozambique Liberation Front (Frelimo), while 39 opposition MPs voted against, from the Mozambican National Resistance (Renamo) and the Mozambique Democratic Movement (MDM).<\/p>\n

\u201cProjections indicate that annual gas exports could amount to around $91.7 billion over the life cycle of the project, in a scenario in which all the development initiatives approved so far by the government are in operation. In this scenario, annual revenues for the state will peak in the 2040s at more than $6 billion a year,\u201d the minister of economy and finance, Max Tonela, explained in parliament this week.<\/p>\n

The creation of the fund had been under discussion for several months, with the government withdrawing the proposal from discussion in parliament on more than one occasion, claiming that it was trying to achieve consensus on its approval, which did not happen.<\/p>\n

In the model for the creation of the Mozambique Sovereign Fund, whose operational manager will be the Bank of Mozambique, Max Tonela said that \u201csuccessful examples in the world and not so good cases\u201d were taken into account, in which \u201ccountries that had great resources and were riding on the back of the resources and raised the standard of consumption of the state too much, got into too much debt and now the level of resources is reducing, and they are entering a conflict in which they don\u2019t have the capacity to have more resources\u201d.<\/p>\n

\u201cSo this is the ultimate purpose of the fund. That\u2019s why we have to look after current generations, but ensure that future generations can also benefit from the existence of resources that the country also has,\u201d he explained, emphasising that the Mozambique Sovereign Fund will make it possible to \u201cget resources to finance the state budget in a situation where there is no more natural gas\u201d to exploit.<\/p>\n

The draft law creating the Mozambique Sovereign Fund, to which Lusa had access, states in the preamble that as part of the research activities carried out in Areas 1 and 4, offshore of the Rovuma block, \u201chuge deposits of oil and non-associated natural gas\u201d were discovered, estimated at around 180 trillion cubic feet.<\/p>\n

In this context, the operators and partners of Areas 1 and 4 submitted three natural gas liquefaction projects to the government, which have already been approved, namely the Coral Sul Liquefied Natural Gas FLNG, offshore, the Golfinho\/Atum Liquefied Natural Gas, and the Rovuma LNG.<\/p>\n

At the same time, research work is underway in five oil and gas exploration and production concession areas located in Angoche, in the Zambezi Delta, \u201cwith even greater benefits expected in the event of a commercial discovery\u201d.<\/p>\n

The Mozambique Sovereign Fund\u2019s revenues come from the production of liquefied natural gas from areas 1 and 4 offshore in the Rovuma basin and future oil and natural gas development and production projects, as well as \u201creturn on investment from the revenues\u201d of the fund.<\/p>\n

\u201cWhenever a public calamity occurs in a given year that leads to the declaration of a state of siege, state of emergency and\/or war (…) financial resources may be transferred from the Mozambique Sovereign Fund to support the state budget,\u201d in this case by a higher percentage than expected (between 50% and 60% of revenues).<\/p>\n

\u201cThe Mozambique Sovereign Fund must invest in assets that are not in the oil and gas sector,\u201d it also states, defining the \u201cprohibition\u201d of using its resources for \u201cgranting guarantees in the contracting of loans by the state or other entities\u201d, for \u201cpaying debts and servicing debts without going through the state budget\u201d, for financing \u201cpolitical and party activities\u201d and for \u201ccontracting debts\u201d.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Mozambique\u2019s parliament gave final approval on Friday to the creation of the Mozambique Sovereign Fund with revenues from natural gas exploration, which by the 2040s should reach 6 billion dollars a year. The proposal to create the Mozambique Sovereign Fund, presented by the government, received 165 votes in favour in the final […]<\/p>\n","protected":false},"author":84,"featured_media":52697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-52698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nParliament approves sovereign fund from gas revenues - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s parliament gave final approval on Friday to the creation of the Mozambique Sovereign Fund with revenues fro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament approves sovereign fund from gas revenues\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s parliament gave final approval on Friday to the creation of the Mozambique Sovereign Fund with revenues fro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-23T19:44:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-23T20:16:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703349793.045953.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Parliament approves sovereign fund from gas revenues\",\"datePublished\":\"2023-12-23T19:44:54+00:00\",\"dateModified\":\"2023-12-23T20:16:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\"},\"wordCount\":660,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703349793.045953.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/parliament-approves-sovereign-fund-from-gas-revenues\",\"name\":\"Parliament approves sovereign fund from gas revenues - 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