• Total secures funding for Mozambique LNG project

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      Patrick Lavery

      Combustion Industry News Editor

Bucking the trend of oil and gas companies shying away from capital investment in production capacity, Total has secured US$15 billion (€13.2 billion) financing for an LNG project in Mozambique, making it the largest ever private debt raising in African history. Total’s achievement in securing financing is considerable, given depressed oil prices and a growing insurgency in the north of Mozambique (in which more than 1300 people have been killed since 2017), where the project is located, adding to its risk. A number of buyers for the LNG were lined up prior to the finance, easing its passage, and production is to commence from 2024. Total does not own the gas field itself.