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

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

Reuters  | Jul 08, 2020 20:05

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

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.

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