Total’s Liquefied Natural Gas project (LNG) in Mozambique has received $14.9 billion in debt financing.
Export Credit Agencies who took part in the financing include UK Export Finance (UKEF), the Export Credit Insurance Corporation of South Africa, Export Import Bank of the United States, Italy’s SACE, the Netherlands’ Atradius, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and the Export-Import Bank of Thailand. There were also 19 commercial bank facilities and a loan from the African Development Bank (AfDB).
As Reuters reports, the project includes the development of gas fields in the Offshore Area 1 concession and construction of a two-train liquefaction plant with a capacity of 13.1 million tonnes.
The $23 billion project has been years in the making, with Anadarko Petroleum Corp. discovering the first major offshore gas deposit over a decade ago. The company worked through various price slumps and surges to secure long-term buyers worldwide. Occidental Petroleum Corp. then bought Anadarko and sold the project to Total last year.
Construction works on the integrated LNG project were started in August 2019, with the start of production scheduled for 2024.
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