Total’s Mozambique LNG moves forward with nearly $15 billion in financing planned in June.
Total has reportedly secured $14.4 billion in funding for its upcoming LNG project in Mozambique’s Area 1. This commitment, which is expected to involve approximately 20 banks, is an unusual move considering the current state of delayed projects and cost cutting due to the current pandemic. This financing agreement is expected to close in June, with onsite work also expected to resume as well.
Many similar projects have been placed on hold or even canceled outright due to the pandemic affected demand, but Total appears to be looking for global demand to recover due to lower LNG prices and a specific demand for cleaner energy sources from markets such as India and China. Both countries are target exports for this LNG project, with Sale and Purchase Agreements already in place.
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From the April 2018 issue of Hydrocarbon Processing