The U.S. Export-Import Bank (EXIM) has re-approved a $4.7 billion loan for TotalEnergies’ Mozambique Liquefied Natural Gas (LNG) project, one of Africa’s largest natural gas ventures.
Initially approved in 2019, the loan was delayed due to security concerns in Mozambique’s Cabo Delgado province, which forced TotalEnergies to suspend development. However, following improved security conditions and agreements with local stakeholders, the project is now set to proceed, according to Reuters.
The re-approval of the loan ensures that U.S. contractors will play a significant role in the project, aligning with EXIM’s mandate to support American exports and international ventures.
With an expected capacity of 12.88 million tons of LNG annually, the Mozambique LNG project is set to play a crucial role in meeting global energy demands while boosting Mozambique’s economy. With financing now in place, TotalEnergies and its partners can move forward with the next phase of construction, strengthening Mozambique’s position as a major player in the global LNG market.
Source: Energy Capital & Power
