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Total signs $14.9b debt financing for Mozambique project

BUSINESS
By Reuters | July 19th 2020

French oil major Total has signed a $14.9 billion (Sh1.6 trillion) senior debt financing agreement for its massive liquefied natural gas project (LNG) in Mozambique, the biggest project financing ever in Africa.

The project includes the development of gas fields in the Offshore Area 1 concession, and construction of a two-train liquefaction plant with a capacity of 13.1 million tonnes.

Chief Financial Officer Jean-Pierre Sbraire said Friday the signing, which secures the majority of the project’s total investment of $20 billion (Sh2.1 trillion), shows financial institutions have confidence in the future of LNG in Mozambique.

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