This content is not available in your region

Mozambique looks to cash in on expected gas bonanza

Mozambique looks to cash in on expected gas bonanza
Text size Aa Aa

Mozambique was once ravaged by conflict after independence from Portugal in 1975.

Now it is about to cash in on a wealth of coal and gas deposits.

Esperança Bias, Mozambique’s Minister for Mineral Resources, told euronews on a visit to Brussels that the government plans to invest in social and welfare projects.

“We will spend any money made on training local people. We’ve been focusing on the critical issue of water, mainly through the social responsibility projects carried out by major companies. We are giving priority to education and the health system,” Bias said.

Energy firms estimate there is some 100 trillion cubic feet of gas reserves off Mozambique’s shores. They could bring as much as 310 billion euros in revenues over the next four decades.

Mozambique’s economy has largely been based on agriculture and tourism, but it is hoped this natural resources boom will raise living standards and boost growth.

According to UN figures more than 50 percent of the county’s 20 million people still live below the poverty line.