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Home Africa

Total officially announces the signing of Mozambique LNG project financing

Fabio Scala by Fabio Scala
July 18, 2020
in Africa, Commodities, FID, Finance, Gas, Mozambique
Reading Time: 2 mins read
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Total announces the signing of a 14.9 B$ senior debt financing agreement for Mozambique LNG.

This project is the country’s first onshore LNG development. It includes the development of the Golfinho and Atum natural gas fields located in Offshore Area 1 concession and the construction of a two-train liquefaction plant with a total capacity of 13.1 million tons per annum.

Mozambique LNG represents a total post-FID investment of 20 B$. The project financing amounts to 14.9 B$, the biggest ever in Africa, and includes direct and covered loans from 8 Export Credit Agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank.

The ECAs participating in the financing include Export Import Bank of the United-States (US-Exim), Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius), Export-Import Bank of Thailand (EXIM Thailand).

“The signing of this large-scale project financing, less than one year after Total assumed the role of operator of Mozambique LNG, represents a significant achievement and a major milestone for the project,” declared Jean-Pierre Sbraire, Chief Financial Officer of Total. “It demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique. This key milestone has been reached thanks to the dedication of the Mozambique authorities and the financial partners of the project.”

Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SA, operates Mozambique LNG with a 26.5% participating interest alongside ENH Rovuma Área Um, S.A. (15%), Mitsui E&P Mozambique Area1 Limited (20%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10%), BPRL Ventures Mozambique B.V. (10%), and PTTEP Mozambique Area 1 Limited (8.5%).

Original Press Release

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Tags: AtradiusAtradius Dutch State BusinessAtumECAECICEXIM Thailandexport credit agencyExport Credit Insurance Corporation of South AfricaExport-Import Bank of ThailandExport-Import Bank of the United StatesFeatureFIDGolfinhoJapan Bank for International CorporationJBICLNGMozambiqueMozambique LNGNatural GasNEXINippon Export and Investment Insuranceproject financeSaceServizi Assicurativi del Commercio Estero of ItalyTotalUK Export FinanceUKEFUS-ExImмозамбикموزمبيقモザンビーク莫桑比克
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Fabio Scala

Fabio Scala

Fabio Scala is currently a bank director in Mozambique. Previously he served in a UK family office focused on an equity portfolio in Southern Africa. He is also a board member of Uhusiano Capital, a boutique investment firm focused on impact investment, and a board advisor at Digilogic - a pan-EU-Africa network of DIHs focusing on Smart logistics. Prior to his African experience, Fabio has worked in the US, Portugal, and Brazil where he started his career at Caixa Economica Federal - the country’s largest state bank.

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