Mitsui & Co., in partnership with TotalEnergies and the Mozambique government, is finalizing plans to restart construction of the $20 billion Mozambique liquefied natural gas (LNG) project, according to Mitsui CEO Kenichi Hori.
The project, led by TotalEnergies, has faced delays due to security concerns stemming from violent unrest in the region.
However, Hori expressed optimism about recent improvements in the area’s security and assured investors that all parties are addressing remaining challenges.
“We are close to completing the necessary steps and aim to restart construction as soon as possible,” Hori stated.
He highlighted the project’s significant competitive advantages, including access to high-quality gas and substantial reserves, and reaffirmed Mitsui’s commitment to advancing the project while managing regional risks.
In October, TotalEnergies CEO Patrick Pouyanne disclosed that 70% to 80% of the $14 billion financing package has been reconfirmed by financiers.
Final approval from three credit agencies, particularly in Western countries with evolving gas regulations, remains pending. “Once we secure this approval, we will proceed,” Pouyanne said.
Additionally, Hori noted progress on another Mitsui venture, the Cameron LNG expansion project in the U.S., where partners are nearing a final investment decision (FID).
“After reaching the FID, we will commence expansion, making it a cornerstone of our LNG business,” he added.
Cameron LNG is co-owned by Sempra Energy affiliates, TotalEnergies, Mitsui, and Japan LNG Investment LLC, a joint venture between Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha.
Hori reiterated Mitsui’s belief in LNG as a critical component of the global energy transition and emphasized the company’s commitment to expanding its LNG portfolio to meet future energy needs.
