May 2016, Vol. 243, No. 5

Web Exclusive

Mozambique’s LNG Dreams Falling Apart

Mozambique is heading towards a major default on outstanding loans related to offshore natural gas infrastructure, symbolizing the deflating hopes for a major source of new natural gas production from East Africa. The state-owned Mozambique Asset Management is set to default on $535 million in loans, which it took out to construct shipyards to service natural gas drilling off of its coast. Because of the grace period included in the loan terms, Mozambique is not yet technically in default, but it could default soon if it fails to convince creditors to make a deal. Mozambique had tried to renegotiate with creditors, led by Russia’s VTB Bank, but has been unable gain some leniency. Mozambiqu

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