Afreximbank commits US$400m to Mozambique LNG Project

7 Aug 2020

The African Export-Import Bank (Afreximbank) has committed US$400m in guarantees and direct lending to the Mozambique LNG project, which is the first LNG development in the country and includes the construction of two liquefaction trains with a combined capacity of 13 Mt/year. Commercial operations are expected to start by 2024. The project is owned by Total (26.5%, stake acquired from Anadarko in October 2019), Mitsui (20%), ENH (15%), Beas Rovuma Energy Mozambique (10%), OVL (10%), BPRL Ventures Mozambique (10%), and PTTEP (8.5%).

In July 2020, the Japan Bank for International Cooperation (JBIC) approved a US$3bn loan agreement for the Mozambique LNG project, completing the US$14.4bn financing for the project, which has also received financial support from the African Development Bank (AfDB), the Export-Import Bank of the United States (US-Exim), UK Export Finance (UKEF), the Export-Import Bank of Thailand (Exim Thailand) and 21 private financial institutions. In June 2020, the government of Mozambique offered a US$2.25bn state guarantee to the project in lieu of an immediate equity contribution from the state-owned National Hydrocarbon Company (ENH).

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