Total Secures $15bn Debt Financing to Develop Mozambique LNG

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French oil giant, has secured $14.9 billion in senior debt financing for its landmark Mozambique Liquefied Natural Gas (LNG) development, in spite of current disruptions to the market and the deep of global oil prices.

Liquefied Natural Gas (LNG) represents the largest foreign direct investment in Africa to date, with a post-FID investment of $20 billion and $14.9b in project financing.

Also Read – Mozambique: Delonex And Indian Oil Corporation To Carry Out Seismic Surveys In Maputo Province Next Year

Contributions from Financial Institutions

A report said the project received direct and covered loans from eight export credit agencies, 19 commercial bank facilities and a $400 million loan from the African Development Bank (AfDB).

“The signing of this large-scale project financing, less than one year after assumed the role of operator of LNG, represents a significant achievement and a major milestone for the project,”

Jean-Pierre Sbraire, Chief Financial Officer of

He explained that the development demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique. “This key milestone has been reached thanks to the dedication of the authorities and the financial partners of the project,” the chief stated.

Also Read: Falling Global Oil Price: Mozambique Cuts Energy Costs

Financial close is expected by the end of September, with first cargoes to be delivered in 2024.

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By Chibisi Ohakah, Abuja

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