Afreximbank Commits $400M to Mozambique LNG Project

Tim Cocks
Friday, August 7, 2020

Cairo-based African Export-Import Bank has committed $400 million in loans and guarantees to Mozambique's $20 billion liquefied natural gas (LNG) project, the multilateral lender said on Thursday.

Afreximbank's move follows a similar commitment for the same sum by The African Development Bank last month.

"The ... financing will be used to partially finance ... activities required to extract natural gas offshore, its transfer to onshore processing facilities, and then its conversion to LNG for export ... around the world," the Afreximbank statement said.

The Mozambique LNG Area 1 Project is ranked Africa's single largest foreign direct investment to date. It will consist of two LNG trains with a total capacity of around 13 million tons per year.

French energy major Total, the operator, has secured a $14.9 billion senior debt agreement, the biggest project financing Africa has seen.

(Reporting by Tim Cocks; editing by David Evans)

Categories: Finance Energy LNG Industry News Activity Africa

Related Stories

Eni, Partners Take FID on Baleine’s Next Phase off Côte d’Ivoire

Santos Targets LNG and Oil Expansion in Alaska, Oceania and Australia

Eni CCUS Holding Secures $670M Financing for CCS Projects

Current News

Amplitude Energy Takes Stake in Artisan Gas Field

SBM Offshore’s SWIR Technology Receives ABS Statement of Maturity

Baker Hughes Expands Integrated Well Construction Contract with Petrobras

Mexican Billionaire Slim Calls Pemex's Lakach Project “Irrational”

Subscribe for OE Digital E‑News