Latest news with #Chapo
Straits Times
23-07-2025
- Politics
- Straits Times
Mozambique seeks to prosecute opposition leader over post-election unrest
Find out what's new on ST website and app. MAPUTO - Mozambique is seeking to prosecute the country's main opposition leader, Venancio Mondlane, over civil unrest that followed a disputed election last year, a document presented to Mondlane by prosecutors showed. Mondlane, who says President Daniel Chapo of the long-ruling Frelimo party won the election through vote-rigging, was summoned by prosecutors on Tuesday. He was shown the 40-page document laying out a series of accusations including that he incited the unrest. An adviser to Mondlane shared the document with Reuters on Wednesday and said the opposition politician denied all the prosecutors' accusations. Prosecutors in the resource-rich Southern African country declined to comment. The post-election protests, in which more than 300 people were killed, were the largest against Frelimo since independence from Portuguese colonial rule in 1975. Frelimo denies allegations of electoral fraud, though Western observers say October's vote was not free and fair. There had been indications that Chapo and Mondlane were looking to build bridges, as the two politicians met for talks in March and again in May. Chapo also launched a "national dialogue" and invited Mondlane to serve on a presidential advisory body. Louw Nel, a political analyst at Oxford Economics Africa, said attempts to prosecute Mondlane would "weigh on the political compromise Mozambique's political actors reached in March". REUTERS
IOL News
22-07-2025
- Business
- IOL News
Mozambique nears deal to revive Total's $20 billion LNG plan
Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies over the restart of a $20 billion (R354bn) natural-gas project. Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies over the restart of a $20 billion (R354bn) natural-gas project that halted four years ago because of an Islamic State-linked insurgency. Chapo earlier this month met with Total CEO Patrick Pouyanne to discuss resuming the project that has the potential to transform the economy of one of the world's poorest countries, he said in a July 19 interview. Mozambique's $900 million in bonds due 2031 rallied as much as 1.4% to the highest level since October, reaching 86.265 cents on the dollar by 12.28 pm in Maputo, the capital. 'I was with Mr. Pouyanne two weeks ago and things are going well,' Chapo said. 'In August, we will close our talks' about when to restart the project, he said.
Business Insider
21-07-2025
- Business
- Business Insider
$20 billion comeback and a $5billion dam could supercharge Mozambique's economy
Mozambique is preparing for a significant economic transformation as two key energy projects gets the necessary push. On one hand TotalEnergies is back on its $20 billion LNG project in the country, and on the other, the World Bank has agreed to support a $5 billion dam project. Mozambique is advancing two major energy projects: a $20 billion LNG project and a $5 billion hydroelectric dam. TotalEnergies is resuming its LNG project after security concerns halted progress in 2021. The World Bank is providing support for the Mphanda Nkuwa dam project, aiming to generate 1,500 MW of power by 2031. After years of delay, the government appears poised to restart the $20 billion liquefied natural gas (LNG) project led by TotalEnergies, while also securing World Bank financing for the largest hydropower project in Southern Africa in 50 years. Last week, Mozambique's energy minister stated that the prerequisites had been met to restart the TotalEnergies LNG project in the volatile Cabo Delgado area. The development, which began in 2010 following the discovery of a massive offshore natural gas deposit, received final investment approval in 2019. However, development was halted in 2021 due to a violent attack by Islamist extremists near the project's Afungi site, prompting the French energy giant to quit over safety concerns. 'We have the small problem of jihad, terrorism,' Chapo said. In an earlier interview with Bloomberg in Spain, the president said that while the region is more stable than four years ago, it isn't 'heaven,' but urged a restart nevertheless. Mozambican President Daniel Chapo indicated that negotiations with TotalEnergies CEO Patrick Pouyanné are proceeding and that an agreement is expected to be reached soon. 'I was with Mr. Pouyanne two weeks ago, and things are going well,' Chapo said. 'In August, we will close our talks' about when to restart the project, the president added. With security in the region greatly improved, TotalEnergies plans to restart construction of the LNG project later this summer. Mozambique's plan to generate electricity for 300 million people, and the World Bank's assistance Mozambique is looking forward to a future of sustainable energy in addition to LNG, according to a separate Bloomberg report. In an interview with the World Bank President Ajay Banga, it was revealed that the global lender plans to offer assistance for the $5 billion Mphanda Nkuwa hydroelectric project on the Zambezi River, and a related $1.4 billion power transmission project. The dam, which has a planned capacity of 1,500 megawatts, is scheduled to be operational by 2031. It will be supported by a $1.4 billion power transmission project. The objective is to deliver electricity connections to 300 million people in sub-Saharan Africa by 2030, considerably boosting access in an area where more than 80% of the world's 680 million people without the energy source dwell. 'We want to be the hub of energy in our region, the Southern African Development Community,' Mozambique's president stated. Mphanda Nkuwa is being developed via a partnership between the Electricité de France SA, TotalEnergies SE, and Sumitomo Corp. The Mozambican government and its Hidroeléctrica de Cahora Bassa firm will own holdings.
Mint
21-07-2025
- Business
- Mint
Mozambique Nears Deal to Revive $20 Billion Total Gas Project
(Bloomberg) -- Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies SE over the restart of a $20 billion natural-gas project that halted four years ago because of an Islamist-militant insurgency. Chapo recently met with Total Chief Executive Officer Patrick Pouyanne to discuss resuming the project that has the potential to transform the economy of one of the world's poorest countries, he said in a July 19 interview. 'I was with Mr. Pouyanne two weeks ago and things are going well,' Chapo said. 'In August, we will close our talks' about when to restart the project, he said. Total halted work on Mozambique LNG, located in the northeastern Cabo Delgado province, evacuated workers and declared force majeure in 2021 after an escalation in attacks in the area by Islamic State-linked militants. The raids by the insurgents — which have since prompted the deployment of troops by both Rwanda and, for a while, Mozambique's neighbors to assist — drained momentum from the development of $50 billion worth of liquefied natural-gas projects, with Eni SpA and Exxon Mobil Corp. also developing plants. 'We have the small problem of jihad, terrorism,' Chapo said. In an earlier interview with Bloomberg in Spain, the president said that the while the region is more stable than four years ago, it isn't 'heaven,' but urged a restart nevertheless. Chapo was scheduled to meet Pouyanne in Maputo, Mozambique's capital, on July 10. Companies working on the construction of Total's plant have begun preparing to resume operations, according to people familiar with the matter, while Eni is said to have awarded a contract to Samsung Heavy Industries Co. to build its Coral North floating plant, adding to its $7 billion Coral South facility, which is already operational. The gas reserves discovered 15 years ago off Mozambique's northeastern coast are among the world's biggest. Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. --With assistance from Matthew Hill and Paul Burkhardt. More stories like this are available on
South China Morning Post
05-07-2025
- Business
- South China Morning Post
Mozambique mulls asking China to rework US$1.4 billion debt after unrest hits economy
Cash-strapped Mozambique is open to asking China to restructure the US$1.4 billion it owes its biggest bilateral creditor, President Daniel Chapo said. The gas-rich southeast African nation's economy contracted for two straight quarters after disputed October elections triggered violent protests that left hundreds died and saw factories and shops burned and looted. The unrest hit public revenues, heaping pressure on the state to stay current on debt payments and amplifying questions about sustainability. Some bilateral creditors have already expressed interest in supporting Mozambique through forgiving debts, Chapo said. 'Rescheduling or even forgiveness of the debt we have with our largest bilateral creditor is not an outlandish idea,' he said, when asked if the nation was considering requesting China to restructure its loans. 'Of course, this will always be done within the framework of partnership, within the existing agreement, as we are a serious country that strives to honor its commitments.'
