Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Total secures $15.8 billion in funding for Mozambique gas project - FNB

Published 08/07/2020, 20:00
Updated 08/07/2020, 20:05
© Reuters. Logo of Total company on a gas station in Montreuil

© Reuters. Logo of Total company on a gas station in Montreuil

JOHANNESBURG (Reuters) - French oil major Total (PA:TOTF) has secured $15.8 billion (12.5 billion pounds) in funding for its massive liquefied natural gas (LNG) project in northern Mozambique, according to South African lender FirstRand's (J:FSRJ) local unit, FNB Mozambique.

Total declined to comment.

In a press release published on Wednesday, FNB Mozambique said the financing contracts for Total's blockbuster development had been signed on Friday. While this was widely reported in local media at the time, Total has not confirmed the signing.

"FNB... intends to enter other large natural gas projects in Mozambique, just as it entered into Total's financing, in a consortium of 20 banking institutions that granted $15.8 billion, for which the last contracts were signed last Friday," it said.

FirstRand's corporate and investment banking unit, Rand Merchant Bank (RMB), has previously said it was part of the consortium.

© Reuters. Logo of Total company on a gas station in Montreuil

The project, Mozambique LNG, is one of several being developed in the country's extreme north following one of the largest gas finds in a decade off its coast.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.