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TOTAL Signs $15Billion Mozambique LNG Financing with Lenders

French major TOTAL has announced the signing of a $14.9Billion senior debt financing agreement for Mozambique LNG.

The 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 $20Billion. The project financing amounts to $14.9Billion, 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)”, TOTAL says in a statement.

 


Algeria Extends LNG Supply Agreement to France

TOTAL and Sonatrach have signed an agreement that extends Algerian LNG supply into France by three years.

Algerian state hydrocarbon company Sonatrach will deliver up to 2MillionTonnnes per year of LNG to the LNG terminal at Fos Cavaou, on the entry port to the Mediterranean.

Fos Cavaou is a key gateway to the French and European markets.

The agreement also includes the sub-charter of an LNG tanker from TOTAL by Sonatrach.

Algeria’s initial agreement to supply LNG to France was signed in 2004.

 

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