(3 minutes read)
· French oil major Total has secured US$15.8 billion in funding for its liquefied natural gas (LNG) project in northern Mozambique
· The lender to the project is South Africa’s FirstRand’s local unit, FNB Mozambique.
· The gas find is expected to make Mozambique an important player in the hydrocarbon sector in the African region
French oil major Total has secured US$15.8 billion in funding for its liquefied natural gas (LNG) project in northern Mozambique. The lender to the project is South Africa’s FirstRand’s local unit, FNB Mozambique.
FNB Mozambique said the financing contracts for Total’s mega development had been signed. However, there was no confirmation from Total about the deal, but sources that are in the know of the deal say that the deal was final.
FirstRand’s corporate and investment banking unit, Rand Merchant Bank (RMB), is a part of the consortium, according to statement made by the bank earlier. Mozambique LNG, is developed in the extreme north of the country, following one of the largest gas finds \off its coast. The gas find is expected to make Mozambique an important player in the hydrocarbon sector in the African region. The country is planning many development projects based on the revenue accrual from the LNG plant.
