Wealth fund for gas revenue established

Mozambique plans to set up a sovereign wealth fund to manage revenue from the exploitation of gas reserves in its restive north, President Filipe Nyusi has confirmed. EWN reports that Nyusi said the fund would guarantee transparent management of income and help development in the nation – one of the world's poorest. Vast natural gas deposits were discovered in the northern province of Cabo Delgado in 2010, the largest ever found south of the Sahara. Once tapped, Mozambique could become one of the world's 10 biggest exporters. However, since 2017, the region has been plagued by an insurgency led by militants affiliated with the Islamic State jihadist group, which has stalled progress. The Italian company's LNG facility is entirely offshore and the firm expects its plant, which can produce 3.4m tons of liquefied natural gas a year, to start exporting gas in the coming months.