Browsing: Liquefied Natural Gas (LNG)

Exim Bank US provides $4.7bn to Mozambique LNG

Export-Import (EXIM) bank United States said it is in the process of providing  $4.7 billion in financing the liquefied natural gas (LNG) project in Mozambique.

Exim Bank United States fund is the largest commitment given by any lender towards the priciest hydrocarbon development in Africa.

The 13 Million Tonnes Per Annum LNG project will cost $20 billion to develop but Total which is in charge of the project is borrowing $14 billion from 28 financiers.

EXIM bank is one of eight Export Credit Agencies financing the project include Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius) and Export-Import Bank of Thailand (EXIM Thailand).

There are 19 commercial banks financing the project in which Standard Bank of South Africa, is leading with …

Mozambique has officially positioned itself as a key player in the global Liquefied Natural Gas (LNG) market.

LNG is set to be a game-changer for the country’s 31 million people, even as Mozambique LNG advances one of Africa’s largest projects. This happens with commitment to transform the development of the project into benefits that extend to the lives and economy of Mozambique and its people.

According to Wood Mac, from the early 2030s state revenue from Mozambique LNG alone will reach US$3 billion per annum, single-handedly doubling today’s revenue as calculated by the IMF and World Bank.

With a second Final Investment Decision (FID) in just 2 years, the latest FID on the US$20 billion Mozambique LNG project, makes it the largest sanction ever in sub-Saharan Africa oil and gas.

According to Mozambique’s president Filipe Nyusi, this is one of the most important and transformational projects in the country’s history…