French oil major TotalEnergies and its fellow partners on the $20 billion Mozambique LNG project have agreed to provide additional equity to replace the previous…
Published
French oil major TotalEnergies and its fellow partners on the $20 billion Mozambique LNG project have agreed to provide additional equity to replace the previous contributions of British and Dutch export credit agencies, it said on Tuesday.
The UK and Dutch agencies represented about 10% of the $15.4 billion in external financing initially obtained for the project, Total said.
The Total-led 13 million metric-tons-per-year liquefied natural gas project in Mozambique will transform the country into a major gas exporter when it begins producing in 2029 - but it has been mired in security, finance and human rights issues.
Jihadist attacks in the region forced a four-year construction freeze from 2021 while government soldiers sought to quell the insurgency, with methods often criticized by nonprofit observers.
On Monday Britain's government said it would rescind $1.15 billion in loans and export insurance to the project, saying the project was too risky.
The Dutch government announced Total had opted to cancel an insurance request with Atradius, its export credit arm, just as the Netherlands was finalizing a decision on whether to withdraw based on an
Content Original Link:
" target="_blank">
