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

Shell Balances Gas Weakness with Oil Trading Gains

Eni Makes Gas Discovery Offshore Egypt, Eyes Fast-Track Development

Fire at ONGC's Offshore Platform Injures 10, Operations Normalized

Current News

Northern Lights Adds Third CO2 Carrier to Expand CCS Network

European Consortium Targets Marine Noise from Offshore Wind Projects

RWE Installs First Recyclable-Blade Turbine at Danish Offshore Wind Farm

Eni, NOC Find Gas in Offshore Libya Exploration Well

Subscribe for OE Digital E‑News