ENERGY-

Adnoc’s 10% stake in Mozambique’s Rovuma basin concession is now XRG’s: Abu Dhabi National Oil Company (Adnoc) has transferred its 10% stake in Mozambique’s Rovuma basin, which it acquired from Portuguese energy company Galp, to its renewables and chemicals investment arm XRG, state news agency Wam reports. The company finalized the acquisition, which was first announced in May of last year.

REFRESHER- Galp secured a USD 650 mn payout from Adnoc, with an extra USD 500 mn contingent upon the approval of two planned development phases. The acquisition hands it a stake in the operational Coral South LNG export project, which produces 3.5 mn tons annually. The planned Coral North expansion could match this output through a floating export vessel, while an onshore Rovuma project — which could see an investment decision by late 2025 — is expected to produce 18 mn tons of LNG per year. Overall, Adnoc is set to get a share of a potential 25 mn tons a year LNG capacity in Mozambique.

DEBT-

Dubai-based (originally Dutch) digital operator Veon secured a USD 210 mn syndicated loan from a consortium of GCC banks and ICBC Standard Bank, it said in a statement. The facility carries an interest of SOFR plus 425 bps. The statement did not disclose who the GCC banks were.

Background: The company had relocated its headquarters to Dubai last year.

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