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TotalEnergies CEO says US financing for Mozambique LNG project expected in coming weeks
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TotalEnergies CEO says US financing for Mozambique LNG project expected in coming weeks
Feb 5, 2025 2:36 AM

PARIS, Feb 5 (Reuters) - TotalEnergies CEO

Patrick Pouyanne said on Wednesday that financing from the

United States for its $20 billion Mozambique LNG project is

expected to be approved in coming weeks, with other credit

agencies to follow in the months after.

The company is waiting for loan re-approvals from the United

States, UK and Dutch export credit agencies before lifting a

force majeure on the project that has been in place since 2021.

Speaking to journalists after reporting fourth-quarter

earnings, Pouyanne said he expected a prior loan approval to be

restored fairly quickly under the Trump administration.

He added that the project completion date would need to be

pushed back to 2029-2030, from a previously planned 2027.

The U.S. Export-Import Bank had previously agreed a $4.7

billion loan for the project but it needs to be re-approved,

after construction on the project was frozen in 2021 due to

violent unrest in the northern Cabo Delgado region near the

project site - before any disbursements were made.

Pouyanne said that Britain, which has pledged around $800

million to $1 billion, is looking to see if it has a legal right

to exit, but noted it had already signed a contract on the

financing.

"I am waiting to see how they will explain it to us," he

said.

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