Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOPHR.L Share News (OPHR)

  • There is currently no data for OPHR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Tanzania presidency hopeful to fix LNG land issues in weeks, if win confirmed

Tue, 27th Oct 2015 11:08

* Pre-election polls, ruling party see Magufuli victory

* Land issue delays seen holding back LNG plant

* Construction of LNG plant would spur Tanzania's growth

By Edmund Blair

NAIROBI, Oct 27 (Reuters) - A government led by Tanzania'sJohn Magufuli, if his election victory is confirmed, wouldwithin "a few weeks" remove impediments related to the site of aplanned liquefied natural gas (LNG) plant and other issues, aclose aide said on Tuesday.

Pre-election polls forecast a win by Magufuli, whose CCMparty has been in power for half a century. CCM campaigndirector January Makamba said the party's count from itsrepresentatives at polling stations suggested Magufuli would winabout 60 percent of the presidential vote.

The opposition has disputed the ruling party's claims. Finalresults from Sunday's vote are not expected until Thursday.

Magufuli has promised more urgency in decision-making,responding to a frequent complaint from businesses. One examplehas been delays in finalising a site for the multi-billiondollar LNG plant that will exploit huge offshore gas finds.

"We know that it is a competition. If the neighbouringcountry Mozambique gets its own (plant) running, ours will notbe viable," Makamba told Reuters, adding that any officialimpediments would be resolved "after a few weeks" in office.

"It will change the landscape of Tanzania's economy," saidMakamba, noting there had been issues related to ownership andtransfer of land for the plant expected to be sited aroundLindi, south of the commercial capital Dar es Salaam.

Tanzania has allocated funds for the land purchase.

"There are some things that can be sorted out by governmentimmediately," Makamba said by telephone.

BG Group, being acquired by Royal Dutch Shell, with Statoil, Exxon Mobil and OphirEnergy plan to build the LNG export terminal, with theaim of starting up in the early 2020s.

But their final investment decision has in part been held upby delays in finalising issues related to the site.

Mozambique's plans to build an LNG plant have moved moreswiftly. With other LNG projects moving ahead around the world,the best deals for long term gas sales contracts will likely besecured by those who come on stream first, analysts say.

Tanzania could add 2 percentage points to existing annualgrowth of 7 percent simply by starting work on the huge plantthat would draw in billions of dollars of investment, a seniorTanzanian central bank official told Reuters last month.

Makamba said Magufuli would also press on with other majorprojects, such as improving rail links with central Africanneighbours and expanding light manufacturing in Tanzania.

(Editing by Alison Williams)

More News
29 Apr 2016 09:28

WINNERS & LOSERS SUMMARY: New Profit Warning Slams Restaurant Group

Read more
29 Apr 2016 08:57

Ophir Energy hits stumbling block at Fortuna

(ShareCast News) - Ophir Energy hit a stumbling block on its road to final investment decision at the Fortuna floating liquefied natural gas project, offshore Equatorial Guinea, it reported Friday. The FTSE 250 company said that, since the 16 January heads of terms agreement with Schlumberger for up

Read more
29 Apr 2016 07:38

LONDON MARKET OPEN: IAG Leads FTSE 100 Rout After Wall Street Decline

Read more
29 Apr 2016 07:27

Ophir Shares Fall As It Terminates Talks With Schlumberger

Read more
21 Apr 2016 11:18

LONDON MARKET MIDDAY: Ex-Dividends Offset Crude Rally Ahead Of ECB

Read more
21 Apr 2016 07:41

LONDON MARKET OPEN: FTSE 100 Flat As Ex-Dividends Offset Oil Rally

Read more
18 Apr 2016 07:37

LONDON MARKET OPEN: Oil Down, Travel Stocks Up As Doha Talks Fail

Read more
14 Apr 2016 14:09

Thursday broker round-up

(ShareCast News) - Metro Bank: Goldman Sachs reiterates neutral with a target price of 2080p. Burberry: Credit Suisse stays at underperform with a target price of 1050p. JD Sports: Investec keeps at buy with a target price of 1420p and Cantor Fitzgerald reiterates buy with a target of 1400p. Tesco

Read more
5 Apr 2016 08:31

Sound Energy Gets Indonesian Licence Payment From Ophir Energy

Read more
10 Mar 2016 08:15

Ophir Resets 2016 Guidance Due To Downturn, Books Loss In 2015

Read more
7 Mar 2016 08:41

LONDON MARKET OPEN: Old Mutual Shares Up As It Explores "All Options"

Read more
25 Feb 2016 09:20

Tanzania makes big onshore natural gas discovery - local newspapers

DAR ES SALAAM, Feb 25 (Reuters) - Tanzania has discovered an additional 2.17 trillion cubic feet (tcf) of possible natural gas deposits, raising the east African nation's total estimated recoverable natural gas reserves to more than 57 tcf, local media reported on Thursday. The onshore rese

Read more
3 Feb 2016 08:34

LONDON MARKET OPEN: Hikma Up, Hargreaves Lansdown Down In Soft Open

Read more
2 Feb 2016 15:33

FTSE 250 movers: Investors worried about Ocado Smart Platform partners

(ShareCast News) - The FTSE 250 continued to slide on Tuesday, with the second tier market down 249.75 points (1.51%) to 16,239.51 points by mid-afternoon. Despite posting double-digit revenue growth for the year through "challenging market conditions", shares in Ocado Group were down over 8%. T

Read more
2 Feb 2016 12:33

Liberum cuts targets on wide swathe of oil sector firms

(ShareCast News) - Analysts at Liberum cut their share price targets for a wide swathe of the London-listed oil sector after taking into account the sharp shift lower in futures prices over the last four months. Worries about demand conditions in China and Europe, together with the threat of growing

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.