Italian firm Eni has agreed to pay up the $400 million in sales tax to the Mozambican government on the sale of a portion of its stake in Offshore Area 4 to Chinese firm CNPC. Eni's sale of nearly 30% of its Mozambican subsidiary to CNPC gives CNPC a 20% stake in its lucrative Area 4 offshore gas field. The Italian firm is still the operator of Area 4 with a 50% stake.
Eni said it had also agreed to build a 75 mw power plant in Mozambique's northern Cab Delgado province, near where it its massive natural gas discoveries were made. It estimates the plant will cost around $75 million to construct.
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