TotalEnergies CEO to meet Mozambique President to advance project in the country

TotalEnergies' CEO Patrick Pouyanne announced that he would be traveling to Mozambique in the latter part of this month to discuss the planned Mozambique Liquefied Natural Gas project with the new president.

Pouyanne, at an investor's presentation, said: "The project remains financially profitable and we remain committed."

Pouyanne stated that there has been recent "progress in security".

On Oct. 9, Mozambicans are voting in presidential and legislative polls that will almost certainly extend the Frelimo Party's 50-year reign of power. The party is fighting a longstanding Islamist insurgency at one of Africa's biggest gas fields. Pouyanne said that financiers have confirmed 70% to 80% a $14 billion package of financing for the project. Pouyanne stated that they were waiting for the approval of three credit agencies. Some are located in Western countries, where gas regulations have changed. As soon as this is confirmed we will proceed.

(source: Reuters)