AfDB says $400m loan for LNG project in line with Moz country strategy
African Development Bank (AfDB) is the latest financial institution to confirm funding for the $20-billion Mozambique Liquefied Natural Gas (LNG) project, which is being developed by a Total-led consortium in northern Mozambique.
In a statement, the development finance institution announced that it had signed a senior loan of $400-million for the project, which, in total, had secured $14.9-billion in funding from eight export credit agencies, 19 commercial banks and development finance institutions.
Financial close on the project, which is proceeding despite rising concern over violence in the territory, is expected later in 2020.
Led by Total, of France, the other equity participants in the project include Mitsui, Oil India, ONGC Videsh Limited, Bharat Petroleum, PTT Exploration, as well as Mozambique's national oil and gas company, ENH.
The Mozambique LNG project will initially consist of two LNG trains with a total capacity of about 13-million tons a year. The LNG will be exported to customers mainly in Asia and Europe.
The AfDB said in a statement that the Mozambique LNG Area 1 agreement could herald a new age of industrialisation for Mozambique and could also facilitate the development of gas-fired electricity for both Mozambique and the region.
The bank also stressed that it had played a role in ensuring that the project was compliant with strict environmental and social standards and said the development was consistent with its country strategy for Mozambique, which sought to leverage natural resource development and investment in sustainable infrastructure.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation