US loans TotalEnergies almost $5 billion for Mozambique's gas project. FT reports

Financial Times reported that the Trump administration released nearly $5 billion to fund a project in Mozambique by France's TotalEnergies for liquefied gas (LNG).

Estevao Palae, Mozambique’s Minister for Energy, told Financial Times that the U.S. Export-Import Bank has reapproved a loan of $4.7 billion for the project.

TotalEnergies is

awaiting

Before lifting the force majeure that has been in effect since 2021, you must obtain re-approvals for loans from the United States and UK export credit agencies, as well as the Dutch Export Credit Agency.

After Islamic State fighters took over the town of Palma in northern Cabo Delgado, the French energy giant declared the project to be force majeure in April 2021.

Pale told FT he expected the UK and Netherlands will reconfirm their support.

TotalEnergies Exim, and the White House didn't immediately respond to an inquiry for comment. The Mozambique energy ministry was not immediately reachable.

Patrick Pouyanne, CEO of TotalEnergies in February

The financing of the $20 billion LNG Project is expected to be approved within the next few weeks.

(source: Reuters)