TotalEnergies CEO Patrick Pouyanné expects US financing for the company’s USD 20-billion Mozambique LNG project to be approved in the coming weeks, Reuters reported on Wednesday.
Speaking to journalists after reporting fourth-quarter earnings, Pouyanné said he expected a previously green-lighted USD 4.7-billion loan from the US Export-Import Bank to be restored fairly quickly. The company is also expecting a resolution on a commitment of between USD 800 million-1 billion from the UK.
TotalEnergies has been waiting for re-approvals from the US, UK and Dutch export credit agencies after they put loans on hold following the declaration of force majeure on the Mozambique LNG project in 2021.
The project was halted due to violent unrest in Mozambique’s Cabo Delgado province, and the loan from the US Export-Import Bank was frozen before any disbursements were made.
Pouyanné added that the project completion date, which was initially planned for 2027, is now expected in 2029 or 2030.
Source: theenergyyear.com