"We risk becoming the best informed society that has ever died of ignorance"
- Rubén Blades

"You can't make up anything anymore. The world itself is a satire. All you're doing is recording it"
- Art Buchwald

"It's getting exciting now, two and one-half. Think of everything we've accomplished, man. Out these windows, we will view the collapse of financial history. One step closer to economic equilibrium"
- Tyler Durden

"It is your corrupt we claim. It is your evil that will be sought by us. With every breath, we shall hunt them down."
- Boondock Saints

Saturday, December 3, 2016

The Mozambique/LNG Sinkhole

Listen, I'm tired of this Mozambique crap. Anadarko Petroleum is ruining the whole project. The IMF and World Bank have manipulated the Mozambique government and now are controlling the country, the country that has the third largest reserve of Natural Gas off it's coast. I've been hammering on this shit for a year and now. Today we're learning that perhaps the Anadarko Spox has lied to me previously but more importantly, will fail to have their FID (Final Investment Decision) submitted before the end of the year. That FID needs to get in so APC and others can begin extruding and exporting LNG so Mozambique can start making payments on that shit-hole of a loan we all call the Tuna Bond. Recall, the Tuna Bond was supposed to have its interest paid with LNG exports starting in 2020. Then the whole idea shit the bed and now payments begin in 2023...at an interest rate of 10%. But guess what? THERE'S NO PROJECT OR EXPORTS.

I have emailed with Anadarko Spox while I worked for a financial news outlet that I no longer work for. I've been on Anadarko's ass for over a year and they know it. My communications with the Spox started very rocky after I broke the story that APC would be laying off nearly 1200 employees (~20% of the workforce). Then I pegged them on their lack of SPA (Sales Purchase Agreements) in Mozambique back in H1 2016 to which the Spox responded with something like "we're committed to the region, we have verbal SPAs in place and expect our FID in the next couple of weeks."

The messed up part, that's nothing compared to the IMF/World Bank clusterfuck and their absolute abuse of the region.
Recall the IMF wanted to have control over the resources in Mozambique. They worked with the World Bank to draft up a general agreement that allowed the World Bank to tell Mozambique what to do, you know, to ensure that what's happening right now wouldn't happen, except that it is.
Does anyone give a flying fuck what's happening here or are we just going to pretend that the abuse taking place in Mozambique at the hands of the IMF, World Bank, and scam artist firms like Eni and Anadarko isn't happening?

Posted by Paul Revere at 12/03/2016 03:55:00 AM