TotalEnergies CEO to meet Mozambique president to move forward with US$20bln project in country

By Reuters

PARIS: TotalEnergies CEO Patrick Pouyanne said he planned to go to Mozambique later this month to meet the country’s new president about the company’s planned Mozambique LNG project.

“The project remains profitable, we remain committed,” Pouyanne said at an investor presentation.

The Mozambique liquefied natural gas (LNG) project, estimated to be worth around $20 billion, has faced delays due to concerns over violent unrest in the region, but Pouyanne said there had recently been “progress on security”.

Mozambicans will vote in presidential and legislative elections on Oct. 9 that are almost certain to extend the ruling Frelimo party’s half century in power, as it battles a long-running Islamist insurgency in one of Africa’s largest gas fields.

Pouyanne added that 70% to 80% of a $14 billion financing package underpinning the project has been reconfirmed by financiers.

“We are waiting on the green light on financing from three credit agencies, some are in Western countries where rules on gas have changed … as soon as that is in place we will move,” Pouyanne said.