A consortium of 20 banking institutions including FNB Mozambique, a subsidiary of the South African bank FirstRand, has awarded a US$15.8bn funding to Total for its US$20bn Mozambique LNG project in Mozambique. In May 2020, the Export-Import Bank of the United States amended and reduced by US$300m its previously approved US$5bn loan to support the export of US good and services related to the development the Mozambique LNG project. 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).
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%). The project is the first LNG development in Mozambique and includes the construction of two liquefaction trains with a combined capacity of 12.88 Mt/year, with commercial operations expected to start by 2024.