Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique.

The U.S. oil company’s $30 billion Rovuma LNG project, jointly operated with Italy’s Eni, has a capacity of more than 15 million tonnes a year (mtpa) and is set pump much-needed cash into the southern African nation’s ailing economy.

South Africa’s Standard Bank said in a March report revenue from the gas investments could lift annual economic growth past 5% and household per capita income by 50% over the 2018 average.

Source: Reuters