Eni secures multimillion-dollar loan for African FLNG project

January 26, 2026, by Melisa Cavcic

The board of directors of the African Development Bank has signed off on a loan for a second floating liquefied natural gas (FLNG) project, which Italy’s energy giant Eni will develop in the supergiant Rovuma basin off the coast of Mozambique, Africa.

Officials at the Coral Norte FLNG launching ceremony at Samsung Heavy Industries' Geoje Shipyard; Source: SHI — Officials at the Coral Norte FLNG launching ceremony at Samsung Heavy Industries’ Geoje Shipyard; Source: SHI

Shortly before Samsung Heavy Industries (SHI) held the launch ceremony for the Coral Norte FLNG at its Geoje Shipyard, the African Development Bank approved on January 14, 2026, a $150 million senior loan to support the development of the FLNG project, seen as a transformative energy infrastructure initiative offshore Mozambique.

Building on the success of Coral South FLNG, which became operational in 2022, the Coral North FLNG project will develop, construct, and operate a floating LNG facility with an annual capacity of 3.55 million metric tonnes (mtpa) approximately 55 kilometers off the coast of northern Mozambique’s Cabo Delgado province.

The project is expected to cost more than $7 billion. Aside from the African Development Bank Group, financing will be provided by other development finance institutions, export credit agencies, and commercial lenders.

The African Development Bank underlined: “Building upon previous LNG investments in Mozambique, it further positions the country as a global LNG supplier while delivering significant socio-economic benefits, including job creation, fiscal revenues, and enhanced energy security.

“The support underscores a commitment to energy security as well as climate-resilient infrastructure and sustainable industrialisation on the continent.”

Coral North is estimated to generate more than $20 billion in fiscal revenues over its lifetime, boosting the Mozambican economy and creating considerable short-term and permanent job opportunities in construction and operations.

The FLNG project commits to set aside a portion of LNG production for clean cooking access, domestic industrial development, gas export to the Southern African Development Community (SADC) region, as well as development of gas-to-power projects, which will enhance the region’s energy security and resilience.

This project is anticipated to also increase Africa’s contribution to, and benefit from, the increasing global demand for LNG while strengthening Mozambique’s position in SADC’s energy market.

Following the go-ahead for the Coral Norte/North FLNG project last year, Eni announced the final investment decision (FID) in October 2025 to enable the exploration of natural gas resources from the Coral Eocene 441 deposit in Area 4 concession.

This covers the Coral Sul/South FLNG facility, the approved second FLNG development, and the Rovuma LNG onshore facilities.