Tanzania Nears $42B LNG Deal With ExxonMobil as Partner
XOM sits 57% above its 52-week low of $110.385.
Summary
Tanzania's finance minister says the country is close to finalising a $42 billion LNG development, with ExxonMobil among the partners alongside Equinor, Shell, Pavilion Energy, Medco Energi and state-owned TPDC. The project would unlock 47.13 trillion cubic feet of natural gas reserves and is part of East Africa's push to become a major energy hub. ExxonMobil's involvement adds a new long-term growth avenue in LNG, complementing its existing Guyana and Permian operations. The deal was originally expected to be signed before June, and the minister now says 'it's almost there.' No financial terms for ExxonMobil's stake were disclosed.
At the time of this announcement, XOM was trading at $173.15 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $707.9B. The 52-week trading range was $110.39 to $176.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.