The Mozambique liquefied natural gas project led by Total SA has begun a process to finalize US$15B of financing, according to people familiar with the information.
The project, which will be the biggest private investment in Africa, requires a large number of documents to be signed, meaning it could take as many as three days to complete the entire process, said one of the people, who asked not to be identified because the information is not public.
There are also plans to raise an additional US$1B in the next six to 12 months, the person said.
Total didn’t immediately reply to a request for comment.
Also read: UK Export Finance set to back TOTAL’s US$20B Mozambique LNG project
The US$23B project to ship super-chilled gas from Africa to markets around the world involved lenders including about 20 banks, people familiar with the matter said in May. It has continued to move forward even as plans for other facilities in the region and globally have slowed amid slumping LNG prices.
Exxon Mobil Corp. has delayed a final investment decision on its planned Rovuma LNG project, located next to Total’s, as part of a reduction in capital spending this year.
Total’s country manager for Mozambique, Ronan Bescond, told reporters at the project site on June 18 that completion of the financing would be “an absolutely remarkable milestone in the current environment.”