TotalEnergies CEO: US funding for Mozambique LNG Project expected in the coming weeks
TotalEnergies CEO Patrick Pouyanne stated on Wednesday that the financing for the $20 billion Mozambique Gas Project is expected to be approved by the United States in the coming weeks. Other credit agencies will follow in the following months.
The company must wait for the reapproval of loans from the United States and UK export credit agencies, before it can lift the force majeure that has been placed on the project since 2021.
Pouyanne, speaking to journalists following the release of fourth-quarter earnings reported by his company, said that he expects a previous loan approval to be reinstated fairly quickly under Trump's administration.
He said that the completion date of the project would have to be moved back from 2027 to 2029-2030.
The U.S. Export-Import Bank previously approved a $4.7 billion project loan, but this must be re-approved after the construction of the project was halted in 2021 because of violent unrest near the project's site in northern Cabo Delgado. This happened before any payments were made.
Pouyanne stated that Britain has already committed between $800 million and $1 billion to the project, but is examining its legal rights to withdraw. She also noted they had signed a contract for financing.
He said, "I'm waiting to hear how they explain it."
(source: Reuters)