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Friday, July 17, 2020
Reports have resurfaced that French supermajor Total has reached a milestone on its mega LNG project in Mozambique, securing around $15.8 billion in financing. The total estimated required funding for the project is around $23 billion.
In late May it was reported that Mozambique would receive commitments for about $15 billion of financing at a signing scheduled in June. Rand Merchant Bank, Standard Bank Group Ltd. and Societe Generale SA, are among about 22 banks that will participate in the first phase of the financing commitment for the LNG project. Societe Generale SA is acting as the financial adviser.
The U.S. Export-Import Bank has approved the $4.7 billion loan to back American suppliers for the project. The Japan Bank for International Cooperation confirmed earlier reports that it would provide $3 billion.
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