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The U.S. Export-Import Bank has approved a nearly $5 billion loan to support the Mozambique LNG project, a significant step toward resuming the long-delayed development led by TotalEnergies (EPA:TTEF). The bank had initially committed $4.7 billion under the Trump administration, but the project stalled in 2021 due to violent insurgency in northern Cabo Delgado.
TotalEnergies CEO Patrick Pouyanne recently indicated that U.S. financing would be approved soon, with additional backing expected from UK and Dutch export credit agencies. Mozambique’s energy minister, Estevao Pale, also expects confirmation from these entities, allowing the company to lift the force majeure in place since 2021.
The Mozambique LNG project, in which TotalEnergies holds a 26.5% stake, was set to transform the nation into a major LNG producer before security concerns forced construction to halt. However, partner company Mitsui confirmed in December that final preparations were underway to restart operations after renegotiating contracts.
Despite these developments, environmental groups argue that the project poses significant risks, citing human rights violations, ongoing security threats, and environmental concerns. Daniel Ribiero of Friends of the Earth Mozambique criticized the decision, stating that such factors should have deterred investors.
With improved regional stability and renewed financial commitments, the Mozambique LNG project is inching closer to restarting, potentially reshaping the country’s energy landscape.
