TotalEnergies CEO Patrick Pouyanne announced on Wednesday that U.S. financing for the company’s $20 billion Mozambique LNG project is expected to be approved in the coming weeks, with additional credit agencies following in the months ahead.
The company is awaiting loan re-approvals from U.S., UK, and Dutch export credit agencies before lifting the force majeure that has stalled the project since 2021.
Speaking after the company’s fourth-quarter earnings report, Pouyanne stated that a previous loan approval under the Trump administration should be reinstated quickly.
However, the project timeline has been pushed back to 2029-2030 from the originally planned 2027 completion.
The U.S. Export-Import Bank had initially committed a $4.7 billion loan for the project, but no funds were disbursed before construction was halted in 2021 due to violent unrest in the Cabo Delgado region.
Pouyanne also noted that the UK, which has pledged between $800 million and $1 billion, is assessing whether it has a legal right to withdraw from its financing commitment, despite already signing a contract. “I am waiting to see how they will explain it to us,” he said.
