ENH's accounts for 2016 and 2017 show that the State's business arm in the hydrocarbon sector is not in good financial health, despite the accounts showing positive net results in the amount of 2,187.7 million meticais and 2,765.1 million meticais, in 2016 and 2017, respectively.
Considering the debt for the financing of the FLNG project (Area 4), the total debt value in fiscal year 2017-2018 is expected to grow by at least double, going from Usd 425 million (25.5 billion meticais) to about Usd 1,116.7 million (67 billion meticais).
To guarantee ENH's participation in the Rovuma basin gas projects, ENH will have to incur, by the end of 2019, debt of at least US$12.3 billion for both the prospecting and development phases. .Therefore, the growth in the value of the loan to finance ENH's participation in the Rovuma basin projects, associated with the financing model that is being adopted, compromise the company's financial situation and the benefits of the State's participation in the hydrocarbon sector.
