Daewoo E&C has been selected as the contractor for the Phase 1 construction of the Rovuma LNG project in Mozambique, according to a report by The Korea Herald.
The award represents a significant step forward for the $30 billion development, which is led by ExxonMobil and targets a final investment decision (FID) in mid-2026.
The selection of a major engineering, procurement, and construction (EPC) partner signals that the project is advancing toward execution, despite the complex geopolitical and security environment in the Rovuma Basin.
For global LNG markets, the progress on this mega-project reinforces the outlook for substantial new supply coming online in the late 2020s, which could help balance tightness in the Asian and European markets.
Daewoo E&C brings recent experience in LNG infrastructure to the role, having recently completed the construction of a new LNG terminal in Ulsan, South Korea. This track record likely contributed to its selection for the high-stakes Mozambique project, which is considered the continent's largest private investment.
The Rovuma LNG project remains a critical component of global energy security strategies, particularly for Europe and Asia, as buyers seek to diversify away from Russian pipeline gas.
The award of the Phase 1 contract reduces execution risk and provides greater certainty for long-term offtake agreements, which are essential for securing financing and ensuring the project's viability.