French oil major Total has reportedly secured $15.8bn in funding for its liquefied natural gas (LNG) project in northern Mozambique.
According to South African lender FirstRand’s local unit, FNB Mozambique, the financing contracts for Total’s LNG development in Mozambique was signed on 3 July.
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Total declined to confirm on the signing, Reuters reported.
The news agency quoted FNB Mozambique as saying: “FNB intends to enter other large natural gas projects in Mozambique, just as it entered into Total’s financing, in a consortium of 20 banking institutions that granted $15.8 billion, for which the last contracts were signed last Friday.”
The Mozambique LNG Project is being developed following the discovery of a large natural gas quantity off the coast of northern Mozambique in 2010.
It is operated by Total and consists of a global team of energy developers.
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By GlobalDataOther partners in the project include Mitsui, Oil India, ONGC Videsh, Bharat Petroleum, PTT Exploration, and Mozambique’s national oil and gas company ENH.
In June last year, the project partners announced the final investment decision (FID) of $20bn for Rovuma Offshore Area-1 of the Mozambique LNG project.
The project is currently on track to be commissioned by 2024.
In November last year, the African Development Bank (AfDB) approved a $400m loan to support the construction of the integrated LNG plant and a liquefaction facility in Mozambique.
