TotalEnergies CEO says U.S. financing for Mozambique LNG project expected in coming weeks
2/6/2025
TotalEnergies CEO Patrick Pouyanne said that financing from the U.S. for its $20-B 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 U.S., 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-B 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 MM-$1 B, 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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